S&P assigns AA to Korea Western Power notes

S&P said it assigned its AA long-term issue rating to the U.S. dollar-denominated senior unsecured notes to be issued by Korea Western Power Co. Ltd. (Kowepo; AA/stable/--).

“We equalize the rating on the notes with the issuer credit rating on Kowepo due to limited subordination risks. We view Kowepo as a core subsidiary of Korea Electric Power Corp. (Kepco; AA/stable/A-1+), and therefore equalize the ratings on Kowepo with that on Kepco,” S&P said in a news release.

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