S&P gives Kexim bonds A

Standard & Poor's said it assigned its A senior unsecured foreign currency debt rating to the Export-Import Bank of Korea's (Kexim, foreign currency A/stable/A-1, local currency --/A-1) global bonds totaling Ps. 1 billion, which mature on Oct. 11, 2017 and have a coupon rate of 8.61%.

The agency said that the issuer credit ratings on Kexim are based on its public policy role as Korea's official export credit agency as Kexim provides financial facilities in support of the Korean government's (foreign currency A/stable/A-1, local currency A+/stable/A-1) export-led growth strategy and foreign trade and investment policies.

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

The ratings also take into account the government's legal obligation to maintain the bank's solvency, the agency noted.

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