Fitch rates Cofide notes BBB

Fitch Ratings said it expects to assign a BBB rating to Corporacion Financiera de Desarrollo's (Cofide) upcoming dollar-denominated senior unsecured notes.

The bank has a long-term issuer default rating of BBB, short-term issuer default rating of F2, long-term local-currency issuer default rating of BBB+ and short-term local-currency issuer default rating of F2.

The outlook is stable.

The notes - for an amount to be determined - will be Cofide's senior unsecured obligations and subordinated to existing and future secured indebtedness and other debt and obligations that are granted preferential treatment under Peruvian law, the agency said.

The expected rating is at the same level of the entity's long-term foreign-currency issuer default rating of BBB, which is driven by the support Cofide would receive from its owner, the Republic of Peru, should it be needed.

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