Fitch gives Kexim bond A+

Fitch Ratings said it assigned an expected rating of A+ to Export-Import Bank of Korea's proposed senior unsecured dollar-denominated global bond issue. The bonds will be issued under the bank's existing $20 billion U.S. shelf programs.

While both the size and the tenor of the issuance have yet to be determined, Fitch said it expects the tenor to be up to six years, subject to market conditions. The rating is contingent upon receipt of final documents.

The expected rating of the issue is the same as the bank's long-term foreign-currency issuer default rating, which is aligned with the Republic of Korea's sovereign rating of A+ with stable view, reflecting the bank's quasi-sovereign status.

The bank enjoys a de facto solvency guarantee from the Korean government, which Fitch said it believes also will ensure that the bank will meet its obligations in a timely manner.

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