Standard & Poor’s raises IIC long-term rating to AA from AA-, outlook is stable
Credit rating agency sends message about IIC’s ability to preserve its financial performance through the global economic downturn
Washington, D.C.- The Inter-American Investment Corporation (IIC)’s Standard and Poor’s long-term rating was raised to AA from AA-. S&P reaffirmed the IIC’s A-1+ short-term credit rating. The outlook is stable.
"We believe the IIC’s ability to preserve its financial performance, a result of the positive operational and strategic transformation which started in early 2000s, is notable. In the economically difficult last two years, the company has maintained relatively asset quality and good capitalization. In addition, it has proactively managed its investment, liquidity, and credit risks while maximizing the developmental impact of its operations", announced S&P.
"The Corporation welcomes S&P’s announcement, which equates to recognition of the joint effort by shareholders, the Board of Directors, and management to improve the IIC’s credit profile. Revising the long-term rating sends a positive signal to the markets and will allow us to continue with our mandate to finance small and medium-size enterprises in the region," concludes Juan Eduardo Zuluaga, Chief of the IIC’s Finance and Risk Management Division.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.
Contact: Juan Eduardo Zuluaga
Telephone: (202) 623-3812