Fitch: Doosan Power notes AA-

Fitch Ratings said it assigned a final rating of AA- to Doosan Power Systems SA’s $300 million 2½% guaranteed senior capital securities.

The rating reflects the credit enhancement provided to investors by the guarantee from the Export-Import Bank of Korea (Kexim), Fitch said.

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

The rating is the same level as Kexim’s long-term issuer default rating as the notes are direct, general, unsubordinated and unconditional obligations, Fitch said, and rank pari passu with all other present and future unsecured and unsubordinated obligations of the bank.

Doosan’s standalone credit strength is not a consideration in the instrument rating as Kexim will purchase the bond in full if Doosan is declared bankrupt, the agency said.

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