S&P rates Korea East-West notes AA

S&P said it assigned its AA long-term issue rating to the dollar-denominated senior bonds due 2023 that Korea East-West Power Co. Ltd. proposes to issue.

The outlook is stable.

At the same time, the agency assigned its AA long-term issue rating to the company's existing bonds due 2022.

S&P said it continues to view Korea East-West as a core subsidiary of Korea Electric Power Corp. (Kepco; AA/stable/A-1+), given the company's status as one of the group's six fully owned power generation subsidiaries.

Korea East-West accounts for a key portion of consolidated Kepco's power generation and 10% of the country's total power generation, therefore the rating on Korea East-West is equalized the rating on its parent, the agency explained.

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