S&P rates Kexim bonds A

Standard & Poor's said it assigned its A senior unsecured foreign currency debt rating to the Export-Import Bank of Korea's (Kexim, foreign currency A/stable/A-1, local currency A-1) Swiss franc 350 million 2.75% bonds due Jan. 18, 2012.

The issue is a draw down from Kexim's Euro medium-term notes program, also rated A, the agency said, adding that its issuer credit ratings on Kexim are based on its public policy role as the country's official export credit agency.

Kexim provides financial facilities in support of the Korean government's (foreign currency A/stable/A-1, local currency A+/stable/A-1) export-led growth strategy and foreign trade and investment policies, S&P noted, adding that the ratings also incorporate the strong direct support from the Korean government, including capital injections and provision of loans.

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