--USD denominated five- to 10-year senior unsecured, unsubordinated notes maturing 2024 'BBB(Exp)';
--COP denominated five- to 10-year senior unsecured, unsubordinated notes maturing 2024 'BBB+(Exp,emr)'.
A list of FINDETER's current ratings follows at the end of this press release.
The notes, for an amount of
The final rating is contingent upon the receipt of final documents conforming to information already received.
The notes will rank pari passu with the existing and future senior unsecured obligations of FINDETER, other than senior unsecured obligations preferred by statute or labor, tax and other obligations that are privileged by law and External Indebtedness guaranteed by the
KEY RATING DRIVERS
Fitch's current long-term foreign currency Issuer Default Rating (IDR) for Findeter is 'BBB' and its local currency IDR is 'BBB+', both with a Stable Outlook. The IDRs are in line with the Colombian sovereign's ratings, as Fitch views FINDETER as an integral part of the government given its role in providing financing for infrastructure, investment projects and economic development. FINDETER's strategic importance in
Fitch will rate the notes at the same level as Findeter's IDRs, as the notes are senior unsecured, unsubordinated obligations.
FINDETER will use the proceeds of the issuance of the notes for general corporate purposes. Fitch expects FINDETER's leverage to increase slightly in the short run and that continued growth and positive returns, will allow the entity to sustain adequate Fitch core capital levels.
The notes are sensitive to any changes in FINDETER's IDRs. FINDETER'S IDRs are sensitive to a change in the government's willingness or capacity to provide support, should it be needed.
FINDETER is a nationwide special official institution related to the
Fitch currently rates Findeter as follows:
--Long-term foreign currency IDR 'BBB'; Outlook Stable;
--Short-term foreign currency IDR 'F2';
--Long-term local currency IDR 'BBB+'; Outlook Stable;
--Short-term local currency IDR 'F2';
--Support Rating '2';
--Support floor 'BBB';
--National Long Term Rating 'AAA(col)';
--National Short Term Rating 'F1+(col)'.
Additional information is available at 'www.fitchratings.com'.
--'Global Financial Institutions Rating Criteria' (
Global Financial Institutions Rating Criteria
Mark Narron, +1 212-612-7898
Sergio Pena, +57-1-326-9999
Source: Fitch Ratings
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