S&P rates CABEI notes BBB

Standard & Poor's said it assigned its BBB rating to the Central American Bank for Economic Integration's $200 million 4.875% notes issued Jan. 11 and due Jan. 15, 2012.

S&P said the ratings are supported by a lengthening track record of continuing institutional improvements, the completion of formalities for the Kingdom of Spain (AAA/stable/A-1+) to become a shareholder, an improvement in the embedded credit risk in CABEI's portfolio and a strong and growing franchise value.

The ratings are constrained by a ratio of capital relative to loans and equity investments below that of most highly rated multilateral development finance institutions, a geographically concentrated loan and equity investment portfolio and past performance in times of financial stress.

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