Fitch affirms Korail at AA-

Fitch said it affirmed Korea Railroad Corp.’s (Korail) long-term foreign-currency issuer default rating at AA- with stable outlook.

Concurrently, Fitch affirmed Korail’s senior unsecured ratings at AA-.

The ratings are equalized with the AA- rating of the Korean sovereign under Fitch's Government-Related Entities rating criteria, reflecting Korail’s key public-institution status, strong regulatory-control framework, stable government ownership and substantial implications if it were to default.

“Fitch believes there is a high likelihood of extraordinary government support for Korail in case of need,” Fitch said in a news release.

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