Standard & Poor’s Affirms CAF's AA- Credit Rating
The credits ratings agency highlights CAF's continued strong support from shareholder countries.
The outlook remains stable.
(Caracas, Oct. 24, 2013).-U.S. credit ratings agency Standard & Poor's has announced that it is affirming its 'AA-' long-term issuer credit rating and its 'A-1+' short-term issuer credit rating on CAF-development bank of Latin America. The outlook remains stable.
"This recognition of CAF's financial strength and stability is of great importance in today's global economy, and the commitment of our 18 shareholder countries has been crucial to this achievement," said CAF Executive President Enrique García.
Standard & Poor's decision to affirm CAF's ratings highlights the substantial expansion of the multilateral lending institution's shareholder base, prudent management of assets and liabilities, an ongoing improvement of financial indicators as well as the continuing support from the institution's shareholders.
Between 2007 and 2011, paid-in capital increases approved by shareholders had reached a level of USD6.3 billion.
Thanks to its ever-strengthening balance sheets, CAF stands ready to approve financing for USD80 billion in regional development projects taking place during the 2012-2017 period, adding to a portfolio of more than USD30 billion, thus more than doubling its total assets by 2017.
The institution has been actively involved in prestigious capital markets, placing 13 issues in 2013 amounting to more than the USD2.1 billion, which puts the bank in a very select group of issuers and highlights its role as a catalyst needed to attract funds from a diverse base of both Latin America and other investors to promote investment and opportunities in the region.
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