S&P gives A+ to Kospo bonds

Standard & Poor's said it assigned its A+ rating to Korea Southern Power Co. Ltd.'s (Kospo) proposed senior unsecured bonds.

Proceeds of a bond issue would be used to repay existing debt.

S&P equalizes its long-term corporate credit rating on Kospo with its rating on Korea Electric Power Corp. (Kepco; A+/stable/A-1), which wholly owns Kospo. S&P said its rating on Kospo also reflects its importance to the national electricity supply as well as low risk that the government of the Republic of Korea (local currency AA-/stable/A-1+; foreign currency A+/stable/A-1) will privatize it in the foreseeable future.

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