...September 3, 2020 SAO PAULO (S&P Global Ratings) Sept. 3, 2020--S&P Global Ratings today assigned its '###' issue-level rating on Corporaci=n Financeira de Desarrollo S.A.'s (COFIDE; ###/Stable/A-2) proposed senior unsecured notes. COFIDE plans to use the proceeds primarily to repurchase the bank's 4.750% notes due 2022 and 4.750% notes due 2025. COFIDE announced a cash tender offer of up to $600 million of the abovementioned senior unsecured notes issued in the international capital market. We believe the transaction is an opportunistic exchange because it gives investors an option to tender, and if the tender offer is rejected, it won't increase the likelihood of conventional default in the near term. In our view, the company is conducting proactive liability management well ahead of the final maturity of its notes. Our rating on the new notes reflects their pari passu ranking with the bank's other senior unsecured debt obligations. This issuance doesn't change our view of the bank's...
