S&P rates Cofide notes BBB-

S&P said it assigned its BBB- issue rating to Corporacion Financiera de Desarrollo SA's (Cofide) proposed senior unsecured notes for up to $300 million with a tenor of five years, subject to market conditions.

“The 'BBB-' rating on the proposed senior unsecured notes is at the same level as the issuer credit rating on Cofide (BBB-/stable/A-3) given the notes' seniority,” S&P said in a press release.

The bank will use most of the proceeds to repay its outstanding 5¼% fixed-to-floating rate subordinated notes due 2029 with call options starting in July. It plans to use a small part of the proceeds to support credit growth in eligible social projects following Cofide's thematic financing framework.

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