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3 years ago
Fitch Rates Central American Bank for Economic Integration's CHF1115MM 8-Year 3-Month Bond 'A'
November 20, 2014 / 10:40 PM / 3 years ago

Fitch Rates Central American Bank for Economic Integration's CHF1115MM 8-Year 3-Month Bond 'A'

(The following statement was released by the rating agency) NEW YORK/SAN SALVADOR, November 20 (Fitch) 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. Contact: Primary Analyst Theresa Paiz-Fredel Senior Director +1-212-908-0534 Fitch Ratings, Inc. 33 Whitehall St. New York, NY 10004 Rene Medrano Senior Director +503 2516-6610 Committee Chairperson Eric Paget-blanc Managing Director +33 1 44 29 92 82 Media Relations: Alyssa Castelli, New York, Tel: +1 (212) 908 0540, Email: alyssa.castelli@fitchratings.com. 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 here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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