S&P rates Korea Exchange bank notes BBB+

Standard & Poor's said it assigned its BBB+ rating to the proposed dollar-denominated five-year senior unsecured notes to be issued by Korea Exchange Bank (BBB+/stable/A-2). The notes are to be drawn down from a $4 billion euro medium-term note program. The rating is subject to final documentation.

The rating reflects the competitive strengths of its international trade finance and foreign exchange operations, the agency said, and its strategy focused on improving efficiency and managing risk.

The bank's relatively weak domestic market position compares to its major competitors, S&P said, and uncertainty over its shareholding structure are constraining factors on the rating.

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