Fitch rates Komipo bond AA-

Fitch Ratings said it assigned an expected AA- rating to Korea Midland Power Co., Ltd.’s (Komipo) proposed dollar-denominated senior unsecured bond.

The proceeds will be used to refinance existing debt and for general corporate purposes, Fitch said.

The notes are rated at the same level as Komipo’s senior unsecured rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company, the agency said.

The company’s ratings are equalized with its parent, Korea Electric Power Corp., due to their strong strategic and operational ties, Fitch said.

The ratings also reflect Komipo’s position as one of the six generation companies that are wholly-owned by Korea Electric, the agency said.

Komipo will continue to benefit from the geographical proximity to industrial and urban centers, Fitch said.

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