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Exim Bank mulls rating upgrade for Iran

All News 13:43 January 17, 2016

SEOUL, Jan. 17 (Yonhap) -- South Korea's state-run trade bank said Sunday it will consider raising its sovereign credit rating for Iran by one notch following the international community's lifting of sanctions against Tehran.

The United States and the European Union lifted their economic sanctions against Iran over the country's nuclear program on Saturday in return for Tehran's progress in pulling back its nuclear program.

The Export-Import Bank of Korea (Exim Bank) said it may upgrade Iran's credit rating to C2 from C3, the sixth-highest on its nine-grade rating system.

A rating upgrade will increase the Exim Bank's credit line to Iran, which came to US$60 million last year from $1.44 billion in 2011, the state lender said.

The Exim Bank forecast the lifting of international sanctions to help the Iranian economy grow in the mid-4 percent range this year.

Tehran is also expected to resume investment in oil and gas fields, placing orders worth $60 billion this year alone, the lender added.

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