Moody's rates Kexim bond Aa3

Moody's Investors Service said it assigned an Aa3 rating to Export-Import Bank of Korea's (Kexim) dollar-denominated senior bond issue due 2012 under the U.S. Securities and Exchange Commission-registered shelf program. The rating is subject to receipt of final documents.

The outlook is stable.

The ratings reflect the application of Moody's rating methodology for government-related issuers. The high level of support incorporated in the rating is underpinned by the stipulation in the Kexim Act holding the government responsible for its solvency; its close affiliation with the government as a government-controlled policy bank; and its important policy role in supporting the Korean export sector, Moody's said.

Its ratings also incorporate the high probability that the bank will maintain this strategic importance going forward, given the importance of the export sector to the Korean economy, the agency said.

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