Moody’s: Kepco ratings unchanged

Moody's Investors Service said that Korea Electric Power Corp.'s (Kepco, Aa2 stable) results for the first half of 2018 were weaker than expected, with prospects for a modest recovery in the company's profits in 2019 to 2020, but the ratings on the company are not immediately affected.

"Kepco announced an operating loss for 2Q 2018 following operating losses in the previous two quarters, mainly due to increased fuel costs and lower nuclear utilization," Mic Kang, Moody's vice president and senior credit officer, said in a news release.

"But the weak results will have no immediate impact on Kepco's ratings because of a likely moderate improvement in its credit metrics in 2019-20 from 2018 and the very high likelihood of extraordinary support from the government of Korea built into Kepco's rating.”

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