Fitch rates Doosan notes AA-

Fitch Ratings said it assigned an expected AA- rating to Doosan Heavy Industries & Construction Co., Ltd.’s proposed dollar-denominated guaranteed notes due 2020.

The rating reflects the unconditional and irrevocable guarantee from Export-Import Bank of Korea (Kexim), Fitch said.

The note is rated at the same level as Kexim’s long-term issuer default rating as its guarantee makes the notes the bank’s direct, general, unsubordinated and unconditional obligations, which will rank at least pari passu with all other present and future unsubordinated and unsecured obligations of Kexim, Fitch said.

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