Korea Midland Power Co. Ltd. Oct 03

Standard & Poors, October 2003

Abstract
The gradual pace of deregulation in the Korean power sector. Solid growth prospects for electricity demand in Korea. Strong capital structure compared with other GENCOs. Improving cash flow generation. A gradual rise in market risks as competition is introduced over the next few years. The company's entire earnings are derived from the power generation business. Potentially large maintenance costs for older plants. Short management track record under a new corporate structure. The rating on Korea Midland Power Co. Ltd. (KOMIPO) is based on the company's position as one of the five thermal electric power-generating companies in Korea, as well as its improving cash flow generation. The positive outlook on KOMIPO reflects the possibility of an upgrade in two to three...

Companies mentioned in this report are:
- Korea Midland Power Co. Ltd.
- Korea Development Bank
- Korea Electric Power Corp.
- Korea (Republic of)
- Export-Import Bank of Korea
- Industrial Bank of Korea
- Korea Deposit Insurance Corp.
- 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 Expressway Corp.
- Korea Gas Corp.

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 Midland Power Co. Ltd.
- Korea Development Bank
- Korea Electric Power Corp.
- Korea (Republic of)
- Export-Import Bank of Korea
- Industrial Bank of Korea
- Korea Deposit Insurance Corp.
- 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 Expressway Corp.
- Korea Gas Corp.

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