Fitch rates Korea Electric notes A2

Moody's Investors Service said it assigned an A2 rating to Korea Electric Power Corp.'s proposed drawdown under its $1 billion global medium-term note program. Moody's also said it affirmed the company's A2 issuer rating and senior unsecured debt rating.

The outlook is stable.

The proposed issuance will be used for general corporate purposes.

The rating reflects the company's dominant position in the power sector as Korea's only fully-integrated utility with a monopoly in transmission and distribution, Moody's said. It also reflects a supportive regulatory environment, which should continue in the medium term, the agency said.

At the same time, the company is exposed to fuel cost and currency movements due to the lack of a transparent and formula-based tariff adjustment mechanism, Moody's added.

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