S&P Rates Korea Electric Power's Proposed Notes AA

MT Newswires Live

Feb 04, 2025

S&P Global Ratings has given an AA long-term issue rating to Korea Electric Power's (KRX:015760) proposed US dollar senior unsecured notes, according to a Tuesday release.

The notes' rating is in line with the power company's long-term issuer credit rating, with S&P seeing limited structural or contractual subordination risks in the capital structure.

Meanwhile, S&P aligns the company's ratings and outlooks with those of South Korea, given its role in the government's electricity policy.

The rating agency also expects the company to see positive earnings from 2024 to 2025 due to reduced wholesale electricity prices and a slight rise in tariffs.

Still, the company's debt burden will remain elevated, with an adjusted debt-to-EBITDA ratio of between 6.4x and 6.8x, due to higher adjusted debt in past years and large capital spending.

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