Double-notch upgrade sets Cabei SSA challenge, says CFO

tegucigalpa, Cabei, BCIE, Honduras, Central America, LatAm
By Oliver West
11 Mar 2019

Central American development bank Cabei will return to US bond markets for the first time since 2012 after a better than expected two notch upgrade from S&P left it keen to enter the realm of true SSAs, said its CFO. But the issuer will be doing so without Fitch, after deciding the rating agency’s methodology did not reflect its new business model.

S&P upgraded Cabei (Central American Bank for Economic Integration, known as BCIE in Spanish) from A+ to AA on Friday, a credit rating that no other Latin America-based borrower can boast. 

The decision was influenced by Cabei's stronger preferred creditor treatment, with no arrears on sovereign loans in ...

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