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Moody's rate Kexim notes A3
Moody's Investors Service said it assigned a prospective A3 rating to The Export-Import Bank of Korea's (Kexim) proposed five-year fixed-rate senior notes issuance of about $500 million under its $4 billion euro medium-term note program.
The outlook is stable.
Moody's said the rating is underpinned by the strategic role of The Export-Import Bank of Korea in financing the country's export sector, its importance as a government-controlled policy bank, and its relatively strong financial fundamentals. The bank played a critical role during the economic crisis, acting as provider of trade credits to both Korean exporters and importers. Throughout the economic crisis, the bank maintained a sound financial profile.
Finally, the rating incorporates strong government support pursuant to the Kexim Act, which among other things, requires the government to support the solvency of the bank.
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