Assignment Of An Aa2 Rating By Moody To IIC
09/30/2001WASHINGTON, D.C. The Inter-American Investment Corporation (IIC), a financial institution within the Inter-American Development Bank Group, was assigned an Aa2 rating by Moody's.
The decision was based on both qualitative and quantitative factors and on assumptions as to the IIC's future debt issuance levels and loan portfolio performance.
Moody's also considered that the US$300 million the Corporation obtained through the IDB's Multi-Sector Global Credit Program is a "key element" that supports the assigned rating.
The agency's decision also ratifies the significant capital commitments from the IIC's regional and nonregional shareholder countries. A US$500 million capital increase was approved in 1999. This amount is in addition to the Corporation's existing US$200 million capital.
Moody's decision represents its assessment of the Corporation's ability to honor its unsecured financial obligations and may be viewed as a proxy for a senior unsecured debt rating.
The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC's mission is to promote the economic development of its regional borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: Jorge Roldán
Telephone: (202) 623-3948