Moody’s assigns Korea Western notes Aa3

Moody's Investors Service said it assigned an Aa3 rating to Korea Western Power Co. Ltd.'s (Kowepo, Aa3 stable) proposed senior unsecured dollar-denominated notes.

The outlook is stable.

The notes will be issued under the firm's existing $2 billion global medium-term note program, which is rated (P)Aa3.

The company plans to use the proceeds for general corporate purposes, including capital expenditure, working capital and refinancing.

"The Aa3 rating reflects Kowepo's close relationship with its sole parent and offtaker, Korea Electric Power Corporation, as well as the supportive regulatory environment," Moody's vice president and senior analyst Mic Kang said in a news release.

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