S&P rates Korea Highway notes A-

Standard & Poor's said it assigned its A- rating to Korea Highway Corp.'s (foreign currency A-/stable/--; local currency A/stable/--) proposed $500 million global notes due 2015.

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

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

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