Fitch ups Korea Electric Power to A+

Fitch Ratings said it upgraded the ratings of Korea Electric Power Corp., its six generation companies and Korea Gas Corp.

The outlook on all the long-term issuer default ratings is negative.

Korea Electric Power Corp.'s long-term foreign-currency issuer default rating is upgraded to A+ from A, short-term foreign-currency issuer default rating affirmed at F1, senior unsecured rating and guaranteed notes affirmed at A+;

Korea Hydro & Nuclear Power Co., Ltd.'s long-term foreign-currency issuer default rating upgraded to A+ from A and short-term foreign-currency issuer default rating affirmed at F1;

Korea East-West Power Co., Ltd.'s long-term foreign-currency issuer default rating upgraded to A+ from A-, short-term foreign-currency issuer default rating upgraded to F1 from F2 and senior unsecured rating upgraded to A+ from A-;

Korea Midland Power Co., Ltd.'s long-term foreign-currency issuer default rating upgraded to A+ from A-, short-term foreign-currency issuer default rating upgraded to F1 from F2 and senior unsecured rating upgraded to A+ from A-;

Korea South-East Power Co., Ltd.'s long-term foreign-currency issuer default rating upgraded to A+ from A-, short-term foreign-currency issuer default rating upgraded to F1 from F2 and senior unsecured rating upgraded to A+ from A-;

Korea Southern Power Co., Ltd.'s long-term foreign-currency issuer default rating upgraded to A+ from A-, short-term foreign-currency issuer default rating upgraded to F1 from F2 and senior unsecured rating upgraded to A+ from A-;

Korea Western Power Co., Ltd.'s long-term foreign-currency issuer default rating upgraded to A+ from A-, short-term foreign-currency issuer default rating upgraded to F1 from F2 and senior unsecured rating upgraded to A+ from A-; and

Korea Gas Corp.'s long-term foreign-currency issuer default rating upgraded to A+ from A- and senior unsecured rating upgraded to A+ from A.

Fitch said the upgrade is based on each company's linkage with its parent, the government of Korea, which is rated A+ with negative view.

Although the government recently announced various restructuring plans for public entities, Fitch said it anticipates that the companies' linkage with the government will remain strong in the medium-to-long-term as the current government has no intention to privatize the utilities.

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