S&P rates Kexim bonds A

Standard & Poor's said it assigned its A senior unsecured foreign currency debt rating to the Export-Import Bank of Korea's (Kexim, foreign currency A/stable/A-1, local currency /A-1) proposed euro benchmark size five-year fixed-rate bonds.

The agency said that its issuer credit ratings on Kexim are based on its public policy role as Korea's official export credit agency.

Kexim provides financial facilities in support of the Korean government's (foreign currency A/stable/A-1, local currency A+/stable/A-1) export-led growth strategy and foreign trade and investment policies, the agency noted, adding that the bank is owned and controlled by the government.

"The ratings also incorporate strong direct support from the government, including capital injections and the provision of loans," said S&P credit analyst Takahira Ogawa.

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