Moody's rates Korea Highway notes A3

Moody's Investors Service said it assigned its A3 rating to Korea Highway Corp.'s $500 million senior unsecured notes due 2015.

The outlook is stable.

Moody's said the rating recognizes Korea Highway's important role in constructing and operating Korea's expressway network, the sustainability of support expected from the Korean government to keep its operating performance and financial conditions sound, and the expected continued growth in expressway traffic.

The rating also considers Korea Highway's substantial funding needs for construction and refinancing, and which will raise its total debt over the intermediate term.

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