Korea Electric Power Corp. Jul 11

Standard & Poors, July 2011

Abstract
Extremely high likelihood of extraordinary government support Strong market position Good operational efficiency Lack of transparency in electricity tariff-setting system Deterioration in financial profile Exposure to volatility in fuel prices and currency exchange rates The rating on Korea Electric Power Corp. (KEPCO; A/Stable/A-1) reflects Standard & Poor's Ratings Services' opinion that there is an extremely high likelihood that the government of the Republic of Korea (A/Stable/A-1) will provide KEPCO with timely and sufficient extraordinary support in the event that the company suffers financial distress. In accordance with our criteria for government-related entities (GREs), our rating approach is based on our view of KEPCO's: Critical role as a monopoly electric power transmission and distribution operator in Korea and a dominant power...

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Korea Electric Power Corp.
- Korea Development Bank
- Korea (Republic of)
- Export-Import Bank of Korea
- Korea Western Power Co. Ltd.
- Korea Hydro & Nuclear Power Co. Ltd.
- Korea Southern Power Co. Ltd.
- Small Business Corp.
- Korea East-West Power Co. Ltd.
- Korea Midland Power Co. Ltd.
- Korea Expressway Corp.
- Korea Gas Corp.
- Harvest Operations Corp.
- Korea Rail Network Authority
- Korea Water Resources Corp.
- Korea National Oil Corp.
- Korea South East Power Co. Ltd.
- Korea Resources Corp.
- Korea Land and Housing Corp.
- Korea Housing Finance Corp.
- Korea Finance Corp.

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