Moody's rates Korea Electric notes A1

Moody's Investors Services said it assigned an A1 rating to Korea Electric Power Corp.'s proposed dollar-denominated notes drawdown under its $3 billion global medium-term note program. Moody's also said it affirmed its A1 issuer and senior unsecured debt ratings.

The outlook is stable.

The proposed issuance will be used for general corporate purposes.

The ratings reflect the company's baseline credit assessment of 6, which is equivalent to A2 rating on Moody's global scale and support from the Korean government, Moody's said.

Such strong support results in a one-notch uplift to the final A1 rating, the agency said.

The ratings are underpinned by its dominant position in the power sector as Korea's only fully integrated utility with a monopoly in transmission and distribution, Moody's added.

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