NEW YORK & SAN SALVADOR, El Salvador--(BUSINESS WIRE)--Fitch Ratings has assigned an 'A' long-term foreign currency rating to Central American Bank for Economic Integration's (CABEI) senior unsecured CHF115 million eight-year three-month bond due in February 2023.
The bond's rating is aligned with the bank's long-term Issuer Default Rating (IDR) of 'A'. It constitutes an unsecured senior obligation and ranks pari passu with all other unsubordinated and unsecured obligations of CABEI.
KEY RATING DRIVERS
CABEI's IDRs reflect its intrinsic strengths, which include sound capitalization, leverage and credit quality. The ratings also consider CABEI's relatively high portfolio concentration and strong liquid assets.
RATING SENSITIVITIES
A change in CABEI's IDRs will have an impact on the senior unsecured CHF115 million bond.
PROFILE
CABEI is a Central American multilateral development bank based in Tegucigalpa, Honduras. It is majority owned by its five founding member countries: Guatemala, El Salvador, Honduras, Nicaragua, and Costa Rica. CABEI's objective is to fund development projects in Central America by channeling medium and long-term foreign currency resources both to public and private institutions. CABEI was established under a 'Constitutive Agreement' signed by founding members, which confers on the bank the status of a supranational institution and grants CABEI several immunities and privileges, including preferred creditor status.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Supranationals Rating Criteria' (May 22, 2014).
Applicable Criteria and Related Research:
Supranationals Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748877
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=930515
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