S&P rates Inter-American Investment notes AA

Standard & Poor's said it assigned its AA foreign currency senior unsecured debt rating to Inter-American Investment Corp.'s issue of $350 million floating-rate notes due Nov. 16, 2015.

The agency said the ratings reflect the company's continued strong capital position, ample balance-sheet liquidity and membership in the Inter-American Development Bank Group.

The offsetting factors are the institution's small size and its exposure to private-sector borrowers, particularly second-floor lending to commercial banks, which exposes the company to Latin American financial system risk and, for direct lending, to idiosyncratic corporate risk.

S&P said the stable outlook reflects its expectation that the company will maintain a strong funding structure, capitalization and liquidity.

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