Fitch rates Korea Hydro note A+

Fitch Ratings said assigned Korea Hydro & Nuclear Power Co., Ltd. a senior unsecured rating of A+, along with an A+ rating to its $1 billion senior unsecured note due June 2014. The senior unsecured note has been issued under its $2 billion global medium-term note program.

The net proceeds from the bond issuance will principally be used for capital expenditure and general corporate purposes, the agency said.

The senior unsecured rating is in line with the company's long-term foreign-currency issuer default rating, reflecting average recovery prospects in the event of default, Fitch said.

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