Fitch rates Kexim notes A+

Fitch Ratings said it assigned an expected rating of A+ with a stable outlook to the Export-Import Bank of Korea's (Kexim) planned benchmark-sized senior unsecured global notes maturing October 2012 to be issued under the bank's existing $4 billion program registered at the U.S. Securities and Exchange Commission.

The rating is the same as the bank's long-term issuer default rating of A+ with a stable outlook. The final rating is contingent upon receipt of final documents.

The bank's long-term issuer default rating is aligned with that of the Republic of Korea, reflecting the bank's quasi-sovereign status. Kexim is wholly state-owned and the government is legally required to provide funds to cover any loss the bank may incur that cannot be covered by its own reserves, Fitch said.

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