Global rating agency Moody's has upgraded the credit ratings of South Korea’s public firms from Aa3 to Aa2, following a similar move on South Korea’s sovereign credit rating.
 
Moody’s said on Monday that it raised the credit ratings on Korea Electric Power Corporation (KEPCO) and its six affiliates, including Korea Hydro and Nuclear Power Corporation and Korea East-West Power Corporation.
 
The ratings agency said that the recent upgrade to South Korea’s sovereign credit rating is believed to have a positive effect on KEPCO and the Seoul government is likely to provide the proper support for the corporation when necessary.
 
Moody’s also upgraded the credit ratings of South Korea’s nine public corporations including Korea Expressway Corporation, Korea Gas Corporation and Korea Land and Housing Corporation.