Fitch rates Kexim notes A+

Fitch Ratings said it assigned an expected rating of A+ with a stable outlook to the Export-Import Bank of Korea's (Kexim) planned senior unsecured global notes. The issue size has yet to be confirmed, but is expected to be about $75 million and will be issued under the bank's existing $4 billion program registered at the U.S. Securities and Exchange Commission. The rating is the same as the bank's long-term issuer default rating of A+ with a stable outlook. The final rating is contingent upon receipt of final documents.

The bank's long-term issuer default rating is aligned with that of the Republic of Korea, reflecting the bank's quasi-sovereign status, Fitch said.

Kexim is unique among the three policy banks in Korea in having a purely policy role, the agency said. Its activities support government economic objectives and do not compete with commercial banks, Fitch said.

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