Moody’s assigns Kepco 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 Electric Power Corp.

“The Aa2 rating primarily reflects Moody’s assessment of a very high likelihood of extraordinary support for Kepco from the Korean government, because of its essential public policy role and strategic importance, and the government’s low tolerance for the reputational and contagion risks that would result from a default,” said Mic Kang, a Moody’s vice president and senior credit officer, in a press release.

Kepco plans to use all or part of the proceeds to fund or refinance existing and future eligible green projects, which include the development of renewable power sources, improving power supply stability, developing clean transportation and increasing energy efficiency.

The outlook is stable.

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