S&P gives Korea Highway notes A

Standard & Poor's said it assigned its A rating to Korea Highway Corp.'s (A/stable) $2 billion global medium-term note program.

At the same time, S&P said it assigned its A rating to the company's proposed €400 million 10-year senior unsecured notes to be drawn down from the $2 billion GMTN program.

"The ratings on Korea Highway Corp. are based on the company's critical policy role in the infrastructure development of Korea, specifically the development and expansion of the country's highway network," said S&P analyst Jae Min Kwon.

"KHC generates strong and steadily growing revenue through its extremely strong business position as the country's national highway operator. Although KHC's financial profile is characterized by the ongoing need for massive external funding for an ambitious expansion program, this is largely offset by support from the government."

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