S&P rates Kexim bonds A+

Standard & Poor's said it assigned an A+ rating to Export-Import Bank of Korea's (Kexim) shelf drawdown of proposed benchmark global dollar-denominated senior unsecured bonds.

The bank has foreign-currency A+ and A-1 ratings and a local-currency A-1+ rating.

Kexim intends to use the bond proceeds to extend loans to support projects that promote the transition to low-carbon and climate resilient growth, S&P said.

The bonds will constitute direct, unconditional, unsecured and unsubordinated obligations of the bank, the agency said, and will rank pari passu with all other unsecured and unsubordinated obligations of the bank.

The ratings are equalized with the sovereign ratings on Korea, reflecting that there is an almost certain likelihood that the Korean government would provide timely and sufficient extraordinary support to Kexim in the event of financial distress, S&P said.

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