S&P rates Korea Hydro notes AA

S&P said it assigned an AA long-term issue rating to the planned sale of dollar-denominated senior unsecured notes by Korea Hydro & Nuclear Power Co. Ltd.

The notes will be drawn down from the company's $5 billion global medium-term note program.

“We equalize the rating on the notes with the issuer credit rating on KHNP due to limited subordination risks. As on March 31, 2023, KHNP's capital structure consisted of about Korean won (KRW) 12.6 trillion of debt at the parent level and about KRW 0.3 trillion of debt at the subsidiary level. We do not foresee any structural or contractual subordination risks in KHNP's capital structure,” S&P said in a press release.

KHNP plans to use the proceeds for green projects as defined in its green bond framework.

The outlook is stable.

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