Moody’s applies Aa2 to Kosep notes

Moody's Investors Service said it assigned an Aa2 rating to Korea South-East Power Co., Ltd.'s (Kosep, Aa2 stable) proposed senior unsecured dollar-denominated notes.

The outlook is stable.

Proceeds will be used for general corporate purposes, including refinancing.

"The Aa2 rating is primarily driven by Kosep's close integration with, and ownership by its parent Korea Electric Power Corp., as well as its strategic importance to the Korean government as one of major power generators in Korea," Moody's vice president and senior analyst Mic Kang said in a news release.

Moody's said it believes both Korea Electric Power Corp. (Aa2 stable) and the government will take strong measures to contain any material widespread disruption of Kosep's operations, if and when needed, due to its important role as a major power generator in Korea (Aa2 stable).

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