S&P rates Korea East-West Power notes AA

S&P said it assigned its AA long-term issue rating to the dollar-denominated senior unsecured notes Korea East-West Power Co. Ltd. proposes to issue.

The company plans to use the proceeds for general corporate purposes, including repayment of debt.

The rating on the notes is the same as the issuer credit rating on KEWP due to limited subordination risks, S&P said.

“We do not foresee any structural or contractual subordination risks in KEWP's capital structure. The company's priority ratio is less than 5%, far below our notching-down threshold of 50%,” the agency said in a press release.

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