Fitch affirms Doosan Power notes

Fitch Ratings said it affirmed Doosan Power Systems SA's $300 million 2½% guaranteed senior capital securities at AA-.

The agency said the rating reflects the credit enhancement provided to investors by the unconditional and irrevocable guarantee from the Export-Import Bank of Korea (Kexim; AA-/stable).

The notes are rated at the same level as Kexim’s long-term issuer default rating, as its irrevocable guarantee makes the notes the bank's direct, general, unsubordinated and unconditional obligations, which rank pari passu with all other present and future unsecured and unsubordinated obligations of Kexim, Fitch said.

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