S&P rates Kosep notes B+

Standard & Poor's said it assigned A+ long-term debt ratings to Korea South East Power Co. Ltd.'s (Kosep) A$2 billion debt issuance program and the proposed initial bond issue to be drawn down from the program.

The proceeds will be used to partially fund capital expenditures, pay refinancing requirements and for general corporate purposes, S&P said.

Kosep is one of six wholly owned generation subsidiaries of Korea Electric Power Corp. (Kepco). S&P said it equalizes the long-term corporate credit rating on Kosep with the long-term corporate credit rating on Kepco.

The ratings also consider the company's importance to the national electricity supply, along with a low risk that the government of Korea would privatize it, the agency said.

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