Fitch assigns Cofide notes BBB+

Fitch Ratings said it expects to assign a BBB+ rating to Corporacion Financiera de Desarrollo SA’s (Cofide) upcoming senior unsecured notes. The notes, for an amount and maturity to be determined, will be senior unsecured obligations and will carry a fixed interest rate to be set at the time of the issuance.

“The expected rating assigned to Cofide’s new issuance is aligned to Cofide’s long-term foreign-currency issuer default rating (IDR), as Fitch believes the probability of default is the same,” the agency said in a press release.

The proceeds will be used to partially pay the consideration for the tender, accrued and unpaid interest on the 2022 notes and the 2025 notes validly tendered and accepted by Cofide (and not withdrawn), and to pay the expenses of the tender with any remaining proceeds being used for general corporate purposes.

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