Fitch rates Kexim notes AA-

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

The size and tenor of the notes have yet to be determined

The notes will be issued under the bank's existing $5 billion shelf program, Fitch said.

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

The notes are rated at the same level as Kexim's long-term foreign-currency issuer default rating as they will constitute direct, unconditional, unsecured and unsubordinated obligations of the bank, Fitch said.

The bank's issuer default rating is equalized with South Korea's rating to reflect the de facto solvency guarantee, the agency added.

Kexim is effectively 100%-owned by the state, Fitch said.

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