Fitch rates Kexim bond A+

Fitch Ratings said it assigned an expected A+ rating to Export-Import Bank of Korea's (Kexim) proposed senior unsecured dollar-denominated global bond issue.

The bonds will be issued under the bank's existing $5 billion U.S. shelf program. Both the size and the tenor of the issuance are yet to be determined and are subject to market conditions.

Fitch said it believes the proceeds will be used for the bank's general purpose, including roll-over and repayment of maturing foreign-currency debt and other obligations.

The rating is contingent upon receipt of final documents.

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

Kexim is unique among the three major policy banks in Korea, given its pure policy role, Fitch said, and that it does not compete with commercial banks.

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