Fitch rates Kexim notes A+

Fitch Ratings said it assigned an expected rating of A+ to the planned senior unsecured global notes of The Export-Import Bank of Korea (Kexim), which is rated A+ with stable outlook. The issue size is not yet confirmed, but is expected to be about $1 billion and will be issued under the bank's existing $4 billion registered program.

The rating is in line with the bank's long-term rating and will be made final upon receipt of final documents conforming to information already received. The bank's long-term rating is aligned with that of the Republic of Korea (rated A+ with stable outlook), 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, adding that its activities support government economic objectives and do not compete with commercial banks.

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