OREANDA-NEWS. Fitch Ratings has assigned South Korea-based Doosan Heavy Industries & Construction Co., Ltd.'s (Doosan Heavy) proposed US dollar guaranteed notes due 2020 an expected 'AA-(EXP)' rating.

KEY RATING DRIVERS

KEXIM as Guarantor: The rating reflects the unconditional and irrevocable guarantee from Export-Import Bank of Korea (KEXIM; AA-/Stable). The note is rated at the same level as KEXIM's Long-Term Issuer Default Rating (IDR) 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.

Final Rating Requires Signed Authentication: The final rating is contingent upon the receipt of final documentation and legal opinions conforming to information already received. This includes, but is not limited to, a certificate of authentication of the note that has to be signed by the fiscal agent or its representatives. The fiscal agent is Citibank, and it will act on behalf of the issuer and the guarantor of the notes.

RATING SENSITIVITIES

Since the rating on the credit enhanced bonds is based solely on KEXIM's guarantee, any change in Fitch's assessment of KEXIM's ratings will result in an equivalent change in the rating of this bond.