Moody’s applies A1 to Cabei notes

Moody's Investors Service said it assigned an A1 global scale rating to Central American Bank for Economic Integration (Cabei)’s proposed senior unsecured zero coupon notes due June 22, 2028.

The total issuance amount of the local notes will be for up to Ps. 2 billion.

Moody's said its credit view of Cabei balances the development bank's high levels of available capital and ample liquidity with the relatively low borrower quality implied by its role as the largest multilateral lender in Central America.

“Cabei’s credit profile also incorporates its highly diversified funding base, with issuances in over 20 currencies and markets,” the agency said in a news release.

“Despite a relatively low median shareholder rating of Ba2, Korea's (Aa2 stable) formal inclusion into Cabei’s capital base will bolster the bank's member support strength.”

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