Good market position Supportive regulatory environment Good operational efficiencies Lack of transparency in the electricity price-setting system Margin pressures Large capacity-expansion plans for next few years The rating on Korea Midland Power Co. Ltd. (KOMIPO) is based on the company's good market position in Korea (foreign currency, A/Stable/A-1; local currency, A+/Stable/A-1), as well as the supportive regulatory environment and the company's good operational efficiencies. On the other hand, the rating is constrained by a lack of transparency in the electricity price-setting system, increasing margin pressures, and the company's large capacity-expansion plans for the next few years. KOMIPO is one of six electric-power-generating companies (GENCOs) that were spun off from Korea Electric Power Corp. (KEPCO; A/Stable/A-1) on April 2, 2001, as
