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

HONG KONG (S&P Global Ratings) July 30, 2021--S&P Global Ratings today assigned its 'AA' long-term issue rating to the proposed issuance of U.S. dollar-denominated $300 million senior unsecured notes by Korea Midland Power Co. Ltd. (KOMIPO; AA/Stable/--). The notes will be drawn from the company's US$3-billion euro medium-term note program. The company plans to use the proceeds for general corporate purposes, including the repayment of outstanding borrowings. The issue rating is subject to our review of final issuance documentation. We equalize the issue rating on the proposed notes with the issuer credit rating on KOMIPO because we do not foresee any material structural or contractual subordination risks in the company's capital structure. As of Dec. 31, 2020, KOMIPO's capital structure

...July 29, 2021 HONG KONG (S&P Global Ratings) July 30, 2021--S&P Global Ratings today assigned its '##' long-term issue rating to the proposed issuance of U.S. dollar-denominated $300 million senior unsecured notes by Korea Midland Power Co. Ltd. (KOMIPO; ##/Stable/--). The notes will be drawn from the company's US$3-billion euro medium-term note program. The company plans to use the proceeds for general corporate purposes, including the repayment of outstanding borrowings. The issue rating is subject to our review of final issuance documentation. We equalize the issue rating on the proposed notes with the issuer credit rating on KOMIPO because we do not foresee any material structural or contractual subordination risks in the company's capital structure. As of Dec. 31, 2020, KOMIPO's capital structure consisted of about Korean won (KRW) 7.6 trillion of unsecured debt at the parent level, as well as about KRW190 billion of unsecured debt issued by the company's subsidiaries. The company's...

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