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 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 to that on South Korea (AA/Stable/A-1+) due to 
KEPCO's special public status of implementing the government's electricity 
policy.