Fitch gives AA- to Korea East-West Power green notes

Fitch Ratings said it assigned a rating of AA- to Korea East-West Power Co., Ltd. (AA-/stable) proposed U.S. dollar-denominated senior unsecured green notes.

The company will use the net proceeds from the proposed notes to finance or refinance new or existing projects relating to renewable energy and energy efficiency in accordance with the company's Green and Sustainability Bond Framework, which is aligned with the Green Bond Principles 2021, Social Bond Principles 2021 and Sustainability Bond Guidelines 2021 published by the International Capital Markets Association.

“We equalize EWP's IDR with that of its parent Korea Electric Power Corp. (Kepco, AA-/stable) based on our assessment of 'Weak' legal incentives, 'High' strategic incentives, and 'High' operational incentives for Kepco to provide support to EWP,” Fitch said in a news release.

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