S&P rates Korea Midland Power

Standard & Poor's said it assigned its A- rating to Korea Midland Power Co. Ltd.'s (A-/stable/--) $150 million senior unsecured global bonds due 2011.

"The rating on KOMIPO reflects the company's strengthening financial profile, backed by cost reductions and improved operational efficiency," said S&P credit analyst Eun Jin Kim. "The rating also reflects the expectation that reform and deregulation of the Korean electric utility industry will continue at a gradual pace."

Korea Midland Power has a strong financial profile. Backed by cost reduction efforts and rising demand, the company's financial performance improved substantially in 2003, with debt to capital falling to 16% as of December 2003 from 31% a year earlier, and funds from operations to total debt rising to about 145% from 70%.

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