Moody’s rates Korea East-West Power notes Aa3

Moody's Investors Service said it assigned an Aa3 senior unsecured rating to Korea East-West Power Co. Ltd.'s (EWP, Aa3 stable) proposed dollar-denominated notes.

The outlook is stable.

Proceeds will be used for general corporate purposes, including capital expenditure, working capital and refinancing.

"The Aa3 rating reflects EWP's close relationship with its sole parent and offtaker, Korea Electric Power Corporation, as well as the supportive regulatory environment," Moody's vice president and senior analyst Mic Kang said in a news release.

The agency said it does not expect any material change in the relationship between Korea East-West Power and Korea Electric Power Corp. (Aa3 stable) over at least the next two to three years.

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