Fitch rates Kexim bond A+

Fitch Ratings said it assigned an expected rating of A+ to Export-Import Bank of Korea's (Kexim) proposed senior unsecured dollar-denominated global bond issue. While the issue size and tenor are yet to be determined, the bonds will be issued under the bank's existing shelf program, which is registered at the U.S. Securities and Exchange Commission.

The expected rating of this issue is the same as the bank's long-term foreign-currency issuer default rating, which is in turn aligned with that of the Republic of Korea, rated A+ with negative view, reflecting the bank's quasi-sovereign status, Fitch said. The final rating is contingent upon receipt of final documents conforming to information already received.

Kexim is unique among the three major policy banks in Korea in having a purely policy role, the agency said.

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