S&P rates Kexim notes A-1, bonds A

Standard & Poor's said it assigned an A-1 senior unsecured foreign-currency debt rating to Export-Import Bank of Korea's (Kexim) two euro notes, each in the amount of R$200 million. The first issue has an 8.55% coupon and is due Dec. 28, 2007. The second issue has an 8.74% coupon and is due Dec. 26, 2008.

S&P also assigned an A senior unsecured foreign-currency debt rating to Kexim's (foreign-currency A/stable/A-1) proposed global bonds of Ps. 750 million.

The ratings are based on the issuer's public-policy role as Korea's official export credit agency, according to the agency.

"The ratings also incorporate strong direct support from the government, including capital injections and the provision of loans," S&P credit analyst Takahira Ogawa said in a written statement.

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