Standard & Poor's Ratings Services
today revised the outlook to positive from stable on the 'BBB+' long-term
local and foreign currency ratings on Korea East-West Power Co. Ltd.
(KEWESPO), Korea Southern Power Co. Ltd. (KOSPO), Korea Western Power Co.
Ltd. (KOWEPO), and Korea Midland Power Co. Ltd. (KOMIPO). At the same
time, Standard & Poor's affirmed the long-term ratings on the four thermal
power generation companies (GENCOs).
Standard & Poor's also affirmed its 'A-' long-term local and foreign
currency ratings on Korea Electric Power Corp. (KEPCO) and Korea Hydro &
Nuclear Power Co. Ltd. (KHNP). The local currency rating outlooks remain
positive, and the foreign currency rating outlooks remain stable.
The positive outlooks on the ratings on the four GENCOs in Korea reflect
the improvement in operating and financial performance since their
establishment in April 2001. Furthermore, Standard & Poor's expects that
reform and deregulation of the Korean electric utility industry will take
place more gradually than initially expected.