Fitch rates Export-Import Bank of Korea notes A+

Fitch Ratings said it assigned an expected rating of A+ to The Export-Import Bank of Korea's (A+/stable) planned senior unsecured global dual-tranche notes including fixed- and floating-rate notes. The issue size is not yet confirmed, but expected to be around the equivalent of $1 billion.

Fitch said the bank's long-term rating is aligned with that of the Republic of Korea, reflecting the bank's quasi-sovereign status and the government's legal requirement to provide funds to cover any loss the bank incurs that cannot be covered by its own reserves.

Additionally, the bank is unique among the three policy banks in Korea in having a purely policy role; its activities support government economic objectives and do not compete with commercial banks, the agency said.

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