S&P rates Kexim notes 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) proposed $300 million floating-rate notes due 2009.

The issuer credit ratings are based on Kexim's public-policy role as the country's official export credit agency, S&P said.

The ratings also incorporate strong direct support from the government, including capital injections and the provision of loans, the agency said.

The ratings are constrained by Kexim's low profitability, S&P said, although the bank has never recorded a loss.

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