Moody's rates Kexim takedowns Prime-1

Moody's Investors Service said it assigned Prime-1 ratings to the Export-Import Bank of Korea's (Kexim) two Brazilian Real takedowns, due December 2007 and December 2008.

Both issues are from its EMTN program and each has an issue amount of about R$200 million. All coupons will be paid in U.S. dollars. The rating is subject to receipt of final documentation.

The outlook is stable.

The ratings reflect the application of Moody's rating methodology for government-related issuers. The rating is underpinned by the Kexim Act stipulation, which holds the government responsible for its solvency, along with its close affiliation with the government as a state-controlled policy bank, Moody's said.

It further reflects the bank's important policy role in supporting the Korean export sector, the agency said.

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