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Fundamental View
AS OF 01 Jan 1970Business Description
AS OF 01 Jan 1970Risk & Catalysts
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Key Metric
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CreditSight View Comment
AS OF 06 Feb 2025KEPCO is the sole electricity distributor and transmitter in South Korea, undertaking an irreplaceable policy role. Its credit profile is underpinned by excellent government support which allows the company to enjoy strong access to the onshore and offshore funding channels that mitigate its elevated leverage and insufficient cash coverage for short-term debt. KEPCO is in the process of implementing a financial improvement plan and aim to restore its financial soundness by 2027. Its $ bonds provide attractive yield pick-ups compared to lower-rated Chinese SOEs and BBB-rated low beta Korean corporates, in our view. We prefer the new KORELE Feb-28 and KORELE 5.5% Apr-28 for short-dated high-coupon carry and better trading liquidity.
Recommendation Reviewed: February 06, 2025
Recommendation Changed: July 24, 2023
Who We Recommend
Korea Gas Corp.
Macquarie Bank
Siam Commercial Bank
