Moody's rates Cabei notes Aaa.mx

Moody's Investors Service said it assigned an Aaa.mx national scale rating to the Central American Bank for Economic Integration (Cabei) proposed senior unsecured zero coupon local notes due June 2 2028, CABEI 2-18.

The total issuance amount of Cabei's local notes will be for up to Ps.2 billion.

Moody's said it believes Cabei balances the development bank's high levels of available capital and ample liquidity with the relatively low borrower quality implied by its role as the largest multi-lateral lender in Central America.

The company's credit profile also considers its highly diversified funding base with issuances in over 20 currencies and markets, the agency said.

Despite a relatively low median shareholder rating of Ba2, Korea's formal inclusion into Cabei's capital base will bolster the bank's member support strength, Moody's said.

Cabei also maintains a comfortable liquidity position in terms of treasury management with total liquid assets representing about 31% of total assets as of year-end 2017, the agency said.

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