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S&P upgrades CABEI's ratings on stronger preferred credit treatment

S&P Global Ratings on March 8 upgraded the long- and short-term issuer credit ratings of Banco Centroamericano de Integración Económica, or CABEI, to AA/A-1+ from A+/A-1.

The rating agency also removed CABEI ratings from under criteria observation, assigned in December 2018 following the publication of its revised criteria for multilateral lending institutions.

The ratings upgrade and stable outlook reflect the institution's strengthened preferred creditor treatment, or PCT, as seen in its improved enterprise risk profile that supports its capital position, S&P Global Ratings said. The rating agency previously based CABEI's preferred credit treatment on past defaults by the bank's member-countries.

"While these were important events that clearly marked an era of economic hardship in the region, we believe that they are not a strong indication of the future of PCT," said Alexis Smith-juvelis, an S&P Global Ratings credit analyst. The rating agency has not observed CABEI's borrowing members entering into arrears with the bank in the past 10 years.

CABEI's ratings, as well as its "aa-" stand-alone credit profile, reflect its very strong risk profile and strong financial risk profile, the rating agency added.

Meanwhile, the stable outlook considers S&P Global Ratings' view that CABEI will maintain a strong relationship with its shareholders, anchored on timely capital payments, and that the institution will keep on benefiting from shareholders' PCT.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.