S&P gives Korea South-East Power notes AA

S&P said it assigned its AA rating to Korea South-East Power Co. Ltd.’s proposed dollar-denominated senior unsecured notes.

“We equalize the issue rating on the proposed notes with the issuer credit rating on Kosep (AA/stable-). As of March 31, 2020, Kosep’s capital structure consisted of about Korean won (KRW) 3.4 trillion of unsecured debt at the parent level, as well as about KRW 0.5 trillion of unsecured debt issued by the company’s subsidiaries. We do not foresee any structural or contractual subordination risks in Kosep’s capital structure. The company’s priority ratio is about 13%, substantially lower than our notching-down threshold of 50%,” S&P said in a press release.

The company plans to use the proceeds for green and social projects such as renewable energy.

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