Fitch to assign Findeter debt BBB, BBB+

Fitch Ratings said it expects to assign the following ratings to Financiera de Desarrollo Territorial SA's (Findeter) upcoming issuance: BBB(exp) rating to the dollar-denominated five- to 10-year senior unsecured unsubordinated notes maturing 2024; and a BBB+(Exp.emr) Colombian peso-denominated five- to 10-year senior unsecured unsubordinated notes maturing 2024.

The notes, for an amount of $500 million or its equivalent in Colombian pesos, will pay a fixed interest to be set at the time of issuance. The maturity will also be set at the time of issuance and interest payments will be made semi-annually – if the notes are denominated in dollars – or annually – if denominated in Colombian pesos, until maturity.

The subscript “emr” was added to the rating of the local currency issuance to reflect the embedded market risk of the exchange rate fluctuation between the Colombian peso and the dollar given that the issuance will be denominated in Colombian pesos while the settlement will be in dollars.

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