S&P gives Kepco notes AA

S&P said it gave an AA rating to Korea Electric Power Corp.’s (Kepco) planned dollar-denominated senior unsecured notes. The offering will be a drawdown from its $11 billion global medium-term note program.

“The long-term issuer credit rating and outlook on Kepco (AA/stable/A-1+) reflects those on the government of South Korea (AA/stable/A-1+). This is because we equalize the ratings on Kepco with those on the sovereign. In our view, the company will maintain its public role to carry out the Korean government's electricity policy. It is the sole provider of electricity transmission and distribution services, responsible for about 70% of the country's power supply through six power generation subsidiaries it wholly owns,” S&P said in a press release.

Kepco plans to use the proceeds for financing or refinancing existing and future eligible green projects, as defined in its sustainable finance framework.

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