Fitch assigns AA- to Kexim notes

Fitch Ratings said it assigned the Export-Import Bank of Korea's (Kexim; AA-/stable) proposed long-term senior unsecured U.S. dollar-denominated notes an expected rating of AA-(EXP). The size of the note issue has yet to be determined.

The notes will be issued in two tranches - floating-rate and fixed-rate - under the bank's existing U.S. shelf program, which was last updated on July 11, 2013 at the United States Securities and Exchange Commission.

The proceeds from the new issue 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 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. The bank's issuer default rating is equalized with South Korea's rating to reflect the de facto solvency guarantee.

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