Core subsidiary of Korea Electric Power Co. Ltd. (KEPCO) Key company in national electricity supply Remote privatization risk Lack of transparency in the electricity price-setting system Deterioration in financial profile Exposure to fuel price and currency volatility The long-term corporate credit rating on Korea Midland Power Co. Ltd. (KOMIPO) is based on equalization with that on Korea Electric Power Corp. (KEPCO; A/Stable/A-1), which fully owns KOMIPO. The rating on KOMIPO also reflects its importance to the national electricity supply and its remote privatization risk. Constraining factors include the lack of transparency in the electricity price-setting system, deterioration in financial profile, and its exposure to fuel price volatility. The rating equalization with KEPCO reflects, for the most part, our opinion that
