SINGAPORE (Standard & Poor's) Nov. 26, 2003--Standard & Poor's Ratings 
Services today assigned its 'A-' senior unsecured foreign currency debt 
rating to the Export-Import Bank of Korea's (KEXIM; foreign currency 
A-/Stable/A-2; local currency --/--/A-1) HK$400 million 1.25% Euro 
Medium-Term Notes due Dec. 2, 2004. The notes will be drawn down from 
KEXIM's US$4 billion Euro Medium-Term Notes Program, also rated 'A-'.
     Standard & Poor's issuer credit ratings on KEXIM are based on its public 
policy role as Korea's official export credit agency, providing financial 
facilities in support of the Korean government's (foreign currency rating 
A-/Stable/A-2; local currency rating A+/Stable/A-1) export-led growth 
strategy, and foreign trade and investment policies. The bank is owned and 
controlled by the government.
     The ratings also incorporate the strong direct support from the Korean 
government, including capital injections and provision of loans. Since 
1998, Kexim has enjoyed repeated capital injections, totaling close to 
Korean won (W) 1.9 trillion (US$1.6 billion), from the government. The 
ratings also take into account the government's legal obligation to 
maintain the bank's solvency. Standard & Poor's, however, views this 
statutory obligation as only a sign of the government's commitment to 
support KEXIM, rather than a guarantee of timely payment for all of the 
bank's obligations.
     "Taking into account the bank's robust public policy role and the strong 
support from the Korean government, Standard & Poor's equalizes its 
ratings on KEXIM with those on the sovereign," said Standard & Poor's 
credit analyst Chih Wai Liew, in the Asia-Pacific Sovereign Ratings Group.
     Standard & Poor's expects KEXIM's public policy role to remain intact in 
the near-to-medium term, as the Korean government is expected to remain 
engaged in active economic management. Thus far, the government has also 
not shown any intention to privatize the bank. Nevertheless, KEXIM's 
public policy role could diminish in the longer term if the government 
were to embrace a more far-reaching, laissez faire attitude toward 
economic development.


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