S&P rates Korea South-East Power notes AA

S&P said it assigned its AA long-term issue rating to the dollar-denominated senior unsecured notes that Korea South-East Power Co. Ltd. proposes to issue. The company plans to use the proceeds for green projects such as renewable energy.

“We equalize the issue rating on the proposed notes with the issuer credit rating on Kosep. As of Sept. 30, 2019, Kosep’s capital structure consisted of about Korean won (KRW) 3.2 trillion of unsecured debt at the parent level, as well as about KRW 500 billion of unsecured debt issued by the company’s subsidiaries. We do not foresee any structural or contractual subordination risks in Kosep’s capital structure,” said S&P in a press release.

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