S&P rates Kepco notes AA

S&P said it rated Korea Electric Power Corp.’s planned dollar-denominated senior unsecured notes AA. The notes will be a drawdown from its $11 billion medium-term note program.

“We equalize the rating on the notes with the long-term issuer credit rating on Kepco because of limited subordination risks. As of Sept. 30, 2023, the company's capital structure consisted of about Korean won (KRW) 89.5 trillion of bonds and borrowings at the parent level, and KRW 44.5 trillion of bonds and borrowings at the subsidiaries' level. We do not foresee any structural or contractual subordination risks in the capital structure,” S&P said in a press release.

Kepco will use the proceeds to finance or refinance existing and future eligible green projects as defined in the company's sustainable finance framework.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.