Moody’s upgrades Kepco

Moody’s Investors Service said it upgraded the ratings of Korea Electric Power Corp. (Kepco) to Aa2 from Aa3.

Moody’s also said it upgraded the ratings of the six power generation companies that are wholly owned by Kepco to Aa2 from Aa3.

The outlooks all were revised to stable from positive.

Along with Kepco, the companies with upgraded ratings include Korea Hydro and Nuclear Power Co. Ltd., Korea East-West Power Co., Ltd., Korea Midland Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Southern Power Co., Ltd. and Korea Western Power Co., Ltd.

The upgrade follows the upgrade of the Korean government’s issuer and senior unsecured ratings, Moody’s said.

The upgrade also recognizes that the Korean government’s own improving credit profile will benefit the company’s credit quality, given the very high likelihood of the government’s timely support to the company, if and when needed, the agency said.

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