Korea Expressway Corp.#s Proposed U.S. Dollar Senior Unsecured Bonds Rated #AA#

Stocks and Financial Services Press Releases Tuesday April 11, 2017 17:33
HONG KONG--11 Apr--S&P Global Ratings

HONG KONG, April 11, 2017--S&P Global Ratings today assigned its 'AA' issue rating to Korea Expressway Corp.'s (KEC; AA/Stable/--) proposed U.S. dollar-denominated senior unsecured bonds to be drawn from the company's US$3.5 billion global medium-term note program. The company plans to use the proceeds for general corporate purposes, including refinancing.

The corporate credit rating on KEC reflects our opinion that there is an almost certain likelihood that the government of the Republic of Korea (AA/Stable/A-1+) will provide KEC with timely and sufficient extraordinary support if the company experiences financial distress. KEC is the sole government-owned entity responsible for meeting the government's objectives of constructing, maintaining, and operating Korea's expressway network.

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