Fitch rates Kexim notes AA-

Fitch Ratings said it assigned an expected rating of AA- to the Export-Import Bank of Korea's (Kexim) proposed senior unsecured notes.

The size of the notes has yet to be determined.

The notes will be issued under the bank's existing $15 billion euro medium term note program.

The proceeds will be used for the bank's general purposes, including rolling over and/or repaying maturing foreign-currency debt and other obligations, Fitch said.

The notes are rated on a par with South Korea's long-term issuer default rating of AA-, reflecting a de-facto solvency guarantee by the Korean government, the agency said. The government is responsible for any losses incurred by the bank, but not covered by the bank's reserves, Fitch said. Kexim is effectively 100%-owned by the state, the agency said.

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