Moody's assigns Aa2 to Kepco notes

Moody's Investors Service said it assigned Aa2 ratings to Korea Electric Power Corp.’s planned senior unsecured U.S. dollar notes. The notes will be issued under Kepco's $3 billion global medium-term note program, which is rated (P)Aa2.

"The Aa2 ratings primarily reflect Moody's assessment of a very high likelihood of extraordinary support for Kepco from the Korean government (Aa2 stable), given the company's 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.

The issuer plans to use all or part of the proceeds to fund or refinance the development and operations of projects associated with renewable energy, clean transportation and energy efficiency.

The outlook is stable.

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