Fitch affirms Cabei

Fitch Ratings said it affirmed Central American Bank for Economic Integration's (Cabei) national long-term rating of its senior unsecured bonds, including its senior unsecured bonds of 2.374 billion in Thai baht due 2017 at AAA(tha); senior unsecured bonds of 1 billion in Thai baht due 2014 at AAA(tha); senior unsecured bonds of 865 million in Thai baht due 2016 at AAA(tha); and senior unsecured bonds of 1.235 billion in Thai baht due 2021 at AAA(tha).

This follows the affirmation in April of the company's long-term issuer default rating at A- with stable outlook and its short-term issuer default rating at F2, Fitch said.

The AAA(tha) issue rating is the highest on Thailand's national rating scale, based on the fact that Cabei's long-term foreign-currency issuer default rating and Thailand's long-term local-currency issuer default rating are both at A-, the agency said.

Any divergence between Cabei and Thailand could affect Cabei's issue rating, Fitch said.

The ratings could benefit from further loan diversification or greater enhancement of its capital base, the agency added.

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