Corporacion Financiera de Desarrollo's Proposed Senior Unsecured Notes Rated 'BBB-'

MEXICO CITY (S&P Global Ratings) April 25, 2025--S&P Global Ratings today assigned its 'BBB-' issue rating to Corporacion Financiera de Desarrollo S.A. (COFIDE)'s proposed five-year senior unsecured notes, subject to market conditions. The rating on the proposed senior unsecured notes is at the same level as the issuer credit rating on COFIDE (BBB-/Stable/A-3) because of the notes' seniority. The new notes would represent about 18% of the bank's total funding base. COFIDE will use most of the proceeds to repay its outstanding 4.75% rate senior notes due July 2025, which have optional redemption. It also intends to use a small part of the proceeds from the new offering for general corporate purposes, including supporting credit growth in eligible social projects

...April 25, 2025 MEXICO CITY (S&P Global Ratings) April 25, 2025--S&P Global Ratings today assigned its '###-' issue rating to Corporacion Financiera de Desarrollo S.A. (COFIDE)'s proposed five-year senior unsecured notes, subject to market conditions. The rating on the proposed senior unsecured notes is at the same level as the issuer credit rating on COFIDE (###-/Stable/A-3) because of the notes' seniority. The new notes would represent about 18% of the bank's total funding base. COFIDE will use most of the proceeds to repay its outstanding 4.75% rate senior notes due July 2025, which have optional redemption. It also intends to use a small part of the proceeds from the new offering for general corporate purposes, including supporting credit growth in eligible social projects following COFIDE's thematic financing framework. The proposed issuance does not change our view of the bank's creditworthiness. We estimate its funding base will be unchanged at the end of the debt refinancing process,...

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