S&P rates Kexim bonds A

Standard & Poor's said it assigned an A rating to Export-Import Bank of Korea's (Kexim) dollar-denominated $270 million senior unsecured formosa bonds with a coupon rate of 2.65% due Dec.23, 2013. The bonds were issued in Taiwan on June 23. The bank has a foreign-currency rating of A and a stable outlook.

The ratings are equalized with the long-term credit rating on the government of Korea, reflecting the almost certain likelihood that the Korean government would provide timely and sufficient extraordinary support to Kexim in the event of financial distress based on its critical public policy role and integral link with the government, Moody's said.

The ratings also reflect its low profitability and high concentration risk, the agency said.

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