S&P rates Korea Hydro notes AA

S&P said it assigned its AA long-term issue rating to the U.S. dollar-denominated senior unsecured notes issued by Korea Hydro & Nuclear Power Co. Ltd. (AA/stable/--). The notes will be drawn down from KHNP's US$5 billion global medium-term notes program.

The company plans to use the proceeds for environmentally friendly projects such as renewable energy.

S&P said it equalizes the rating on KHNP with that on its parent, Korea Electric Power Corp. (Kepco; AA/stable/A-1+), given KHNP's core subsidiary status to Kepco as one of six fully owned power generation subsidiaries.

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