Korea Midland Power Co. Ltd.'s Proposed U.S. Dollar Senior Unsecured Notes Rated 'AA'

HONG KONG (S&P Global Ratings) Jan. 14, 2019--S&P Global Ratings today assigned its 'AA' long-term issue rating to the proposed US$300 million senior unsecured notes issued by Korea Midland Power Co. Ltd. (KOMIPO; AA/Stable/--). The notes will be drawn from KOMIPO's updated US$3 billion Euro medium-term note program, to which we also assigned an 'AA' rating. The company plans to use the proceeds for green bond projects such as renewable energy. The rating on the notes is subject to our review of final issuance documentation. We view KOMIPO as a core subsidiary of Korea Electric Power Corp. (KEPCO; AA/Stable/A-1+), and therefore equalize the ratings on KOMIPO with that on KEPCO. KOMIPO's power generation is integral to KEPCO's role of providing

...HONG KONG (S&P Global Ratings) Jan. 14, 2019--S&P Global Ratings today assigned its '##' long-term issue rating to the proposed US$300 million senior unsecured notes issued by Korea Midland Power Co. Ltd. (KOMIPO; ##/Stable/--). The notes will be drawn from KOMIPO's updated US$3 billion Euro medium-term note program, to which we also assigned an '##' rating. The company plans to use the proceeds for green bond projects such as renewable energy. The rating on the notes is subject to our review of final issuance documentation. We view KOMIPO as a core subsidiary of Korea Electric Power Corp. (KEPCO; ##/Stable/A-1+), and therefore equalize the ratings on KOMIPO with that on KEPCO. KOMIPO's power generation is integral to KEPCO's role of providing a stable supply of electricity in Korea. KEPCO's six power-generation subsidiaries, including KOMIPO, each account for a key portion of the parent's around 80% share of the national electricity generation market. Also, our rating on KEPCO is equalized...

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