Fitch: Doosan Heavy notes AA-

Fitch Ratings said it assigned a final AA- rating to Doosan Heavy Industries & Construction Co., Ltd.’s $500 million 2 1/8% guaranteed notes due 2020.

The final rating is in line with the expected rating assigned in April and follows the receipt of final documents conforming to information already received, Fitch said.

The rating reflects the unconditional and irrevocable guarantee from Export-Import Bank of Korea (Kexim), the agency said.

The note is rated at the same level as Kexim’s long-term issuer default rating as its guarantee makes the notes the bank’s direct, general, unsubordinated and unconditional obligations, which will rank at least pari passu with all other present and future unsubordinated and unsecured obligations of Kexim, Fitch said.

Since the rating on the credit enhanced bonds is based solely on Kexim’s guarantee, any change in the assessment of Kexim’s ratings will result in an equivalent change in the rating of this bond, the agency said.

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