S&P cuts Kepco credit profile

Standard & Poor's said it affirmed its long- and short-term corporate credit ratings on Korea Electric Power Corp. at A+/A-1 and its long-term corporate credit ratings on Korea Hydro & Nuclear Power Co. Ltd., Korea East-West Power Co. Ltd., Korea Midland Power Co. Ltd., Korea South-East Power Co. Ltd., Korea Southern Power Co. Ltd. and Korea Western Power Co. Ltd. at A+.

At the same time, the agency said it revised the stand-alone credit profile for Kepco and its six subsidiaries to BBB- from BBB. The outlook is stable.

The agency said the affirmation of its ratings on Kepco reflects the view that potential extraordinary support from the government of the Republic of Korea in the event of financial stress at the company would be extremely high.

S&P said the revision of the stand-alone credit profile for Kepco and its six subsidiaries reflects the expectation that Kepco's financial risk profile will deteriorate owing to its significant capital expenditure program over the coming three years.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.