S&P ups Kogas, five power companies

Standard & Poor's said it raised to A from A- its long-term local- and foreign-currency corporate credit and senior unsecured debt ratings on Korea Gas Corp., Korea Western Power Co. Ltd., Korea Midland Power Co. Ltd., Korea East-West Power Co. Ltd., Korea Southern Power Co. Ltd. and Korea South East Power Co. Ltd.

The agency affirmed the A long-term local- and foreign-currency corporate credit and senior unsecured debt ratings on Korea Electric Power Corp. and Korea Hydro & Nuclear Power Co. Ltd. as well as the A-1 short-term corporate credit rating on Kepco.

The outlook on the long-term corporate credit ratings is stable.

The upgrades of Kogas and the five Korean power companies reflect the reduced risk of privatization, according to the agency.

The affirmation of Kepco reflects expectation that the company could receive extraordinary government support to offset a recent deterioration in the company's financial profile, the agency said.

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