Fitch rates CAF notes AA-

Fitch Ratings said it assigned an AA- rating to Corporacion Andina de Fomento’s (CAF) four-year Turkish lira and South African Rand senior unsecured notes.

The notes carry fixed-rate coupons of 10.73% and 9.0%, respectively, and will mature Jan. 22, 2020.

The company has a long-term issuer default rating of AA-, short-term issuer default rating of F1+, senior unsecured debt rating of AA- and commercial-paper rating of F1+.

The company also has a long-term national rating in Venezuela of AAA(ven), short-term national rating in Venezuela of F1+(ven), long-term national debt rating in Mexico of AAA(mex) and long-term national debt rating in Panama of AAA(pan).

The proceeds will be used to finance a pool of water-sector projects with any portion of unused proceeds applied toward general business purposes, Fitch said.

The ratings reflect the company’s solid financial profile, the agency said.

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