Fitch affirms Kepco

Fitch Ratings said it affirmed the long-term foreign-currency issuer default ratings of Korea Electric Power Corp. (Kepco) and its six generation companies at A+.

The outlook is stable.

The ratings reflect Kepco's status as a key state-owned enterprise and its monopolistic position in the electricity transmission and distribution business in South Korea, Fitch said.

Any changes to Korea's rating or outlook would immediately affect the company's rating, the agency said.

Although Fitch said it expects Kepco's links with the government to remain consistent over the next 12 to 18 months, any evidence of weakening links with the government could lead to negative rating action.

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