Moody's rates Komipo notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to the proposed senior unsecured dollar-denominated notes to be issued by Korea Midland Power Co., Ltd. (Komipo).

The outlook is stable.

The notes will be issued under Komipo's existing $3 billion euro medium-term note program.

The proceeds will be used by the company to develop renewable energy, lower carbon transportation and green buildings, Moody's said.

The rating reflects the company's close operational and financial links to its parent, Korea Electric Power Corp., the agency said, and its strategic importance to Korea's economy.

Moody's said it expects that both Korea Electric Power and the government of Korea will take strong measures, if needed, to contain any material widespread disruptions to the operations of its six power generation companies.

Komipo's standalone credit strength reflects its solid market position as one of the major power generators in Korea, diversified fuel mix and adequate financial metrics to maintain its current standalone credit strength, the agency said.

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