Moody’s revises six Korean power companies to positive

Moody's Investors Service said it changed the outlook on the ratings of the following the six power generation companies (gencos), which are wholly owned by Korea Electric Power Corp. (Kepco, Aa3 positive), to positive from stable.

• Korea Hydro & Nuclear Power Co., Ltd.: Aa3 issuer and senior unsecured ratings;

• Korea East-West Power Co., Ltd.: Aa3 issuer and senior unsecured ratings;

• Korea Midland Power Co., Ltd.: Aa3 issuer and senior unsecured ratings;

• Korea South-East Power Co., Ltd.: Aa3 issuer and senior unsecured ratings;

• Korea Southern Power Co., Ltd.: Aa3 issuer and senior unsecured ratings; and

• Korea Western Power Co., Ltd.: Aa3 issuer and senior unsecured ratings.

At the same time, Moody's affirmed the Aa3 ratings for the six companies.

The action follows the agency’s decision to revise to positive from stable the outlook on Kepco.

"The outlook revision for the six gencos reflects the close ownership relationship and operational integration with Kepco," Moody's vice president and senior analyst Mic Kang said in a news release.

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