Fitch rates Bladex notes BBB+

Fitch Ratings said it expects to assign a BBB+ Banco Latinoamericano de Comercio Exterior’s (Bladex) upcoming dollar-denominated senior unsecured notes.

The notes, for an amount to be determined, will be issued under Bladex’s $2.25 billion euro medium-term note program, Fitch said.

The notes will be senior unsecured obligations and will rank pari passu with all of the company’s existing and future unsecured obligations, but will be effectively subordinated to any future secured indebtedness, the agency said.

The expected rating on the notes is at the same level of the bank’s long-term foreign-currency issuer default rating of BBB+, which is driven by Bladex’s viability rating of BBB+. The bank also has a short-term issuer default rating of F2, along with BBB+ rating on its senior unsecured notes, AAA(mex) rating on its senior unsecured certificates and F1+(mex) rating on its senior unsecured short-term certificates.

The proceeds will be used for general corporate purposes.

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