Moody's rates Kowepo notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to the proposed senior unsecured dollar-denominated notes to be issued by Korea Western Power Co., Ltd. (Kowepo).

The outlook is stable.

The notes will be issued under Kowepo's existing $2 billion global medium-term note program, which has a provisional Aa2 rating.

The proceeds will be used for general corporate purposes, including the refinancing of existing debt, Moody's said.

The ratings reflect the company's close operational and financial relationships with its parent, Korea Electric Power Corp., as well as its strategic importance to Korea's economy, the agency said.

Moody's said it expects that both Korea Electric Power Corp. (Kepco) and the government of Korea will take strong measures to contain any material widespread disruptions to Kowepo's operations.

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