S&P has raised the credit rating of Corporacion Andina de Fomento (CAF) to AA minus from A+. “The ratings reflect our assessment of the bank’s strong business profile and very strong financial profile,” it says. The agency credits CAF’s repeated success in raising paid-in capital with one-time and often early payments from an increasingly expanded membership base. Currently, the supranational has 10 full member shareholder countries and 9 associate member shareholder countries. Enrique Garcia, CAF’s chief executive, says in a statement that the new recognition amid the global economic crisis is an endorsement of the financial management of the institution. S&P also highlights CAF’s strong financial profile reflected in its capital adequacy, funding and liquidity as reasons for the upgrade. CAF has issued approximately $17bn during the 1993-2012, it says, of which $2.8bn was raised from diverse debt markets in 2012. The outlook is stable. CAF is now rated AA minus/AA minus/A+.