S&P gives Cofide notes BBB+, BBB

Standard & Poor's said it assigned a BBB+ rating to Corporacion Financiera de Desarrollo SA (Cofide)’s (BBB+/stable/A-2) proposed $300 million five-year senior unsecured notes and a BBB rating to the proposed $300 million 15-year subordinated notes.

S&P said the ratings on Cofide reflect its "adequate" business position, "adequate" capital and earnings, "strong" risk position, "average" funding and "adequate" liquidity (as criteria define these terms).

The ratings also reflect the agency’s view that there is "high likelihood" that the government of Peru (foreign currency: BBB+/stable/A-2; local currency: A-/stable/A-2) would provide extraordinary and timely support to the bank in the event of financial distress.

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