Fitch rates Korea Highway A+

Fitch Ratings said it assigned Korea Highway Corp. a long-term foreign-currency issuer default rating of A+.

The outlook is stable.

The rating reflects Korea Highway's status as a quasi-government organization providing critical public services with almost certain government support in various forms. Based on Korean laws, Korea Highway has the exclusive right to operate and collect tolls on 2,850 km of expressways, which represent 92.3% of total expressways in Korea as of June 2006, Fitch said.

In addition to Korea Highway's status as an implementation apparatus of the Korean government for national expressway-related policies, the fact that the company is 99.97%-owned by the Korean government provides another layer of credit comfort, the agency said.

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