Moody’s Gives Baa3 to Development Bank

Moody’s Gives Baa3 to Development Bank

Peru Corporate & Sovereign Strategy

Moody’s has assigned a Baa3 rating to Peruvian development bank Corporacion Financiera de Desarrollo (Cofide), it says. The lender’s rating is supported by the high probability of support from the Peruvian government, given 98.96% government ownership, as well as Cofide’s mandate to promote economic growth by funding targeted sectors such as infrastructure finance and SME lending. The positioning one notch below the Baa2 country rating for Peru “reflects the lack of an explicit guarantee by the

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