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Fitch rates Kexim notes A+
Fitch Ratings said it assigned a final rating of A+ with a stable outlook to the Export-Import Bank of Korea's (Kexim) senior unsecured global notes. The issue size is 1 trillion in Mexican pesos and will mature on Oct. 11, 2017. It has been 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 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 wholly state-owned and the government is legally required to provide funds to cover any loss the bank may incur that cannot be covered by its own reserves, the agency said.
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