S&P rates Korea Midland notes AA

S&P said it gave an AA rating to the planned $300 million of senior unsecured notes to be sold by Korea Midland Power Co. Ltd. (Komipo). The notes will be drawn from the company's $3 billion euro medium-term note program, rated AA by the agency.

“The rating on Komipo is equalized with the long-term issuer credit rating on Korea Electric Power Corp. (Kepco; AA/stable/A-1+) because we view Komipo as a core subsidiary of Kepco. Komipo's power generation is integral to Kepco's role of providing a stable supply of electricity in Korea,” S&P said in a press release.

The proceeds will be used for general corporate purposes, including repaying borrowings.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.