Fitch rates Komipo bond AA-

Fitch Ratings said it assigned a final rating of AA- to Korea Midland Power Co., Ltd.’s (Komipo) $300 million 2˝% senior unsecured bond due 2021.

The proceeds will be used to refinance existing debt and for capital expenditures and other 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 assignment of the final rating follows the completion of the bond issuance and receipt of documents conforming to the information previously received. The final rating is the same as the expected rating assigned Jan. 13, Fitch said.

Komipo’s ratings are equalized with those of the parent, Korea Electric Power Corp. (Kepco) due to their strong strategic and operational ties, the agency said.

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

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