Standard & Poor’s Upgrades IDB Invest’s Rating to AA+, Citing “Consistent” Track Record
Rating agency Standard & Poor’s upgraded IDB Invest’s long-term credit rating to AA+ from AA, citing its consistent track record of executing its expanded mandate and strengthened operational capabilities, risk practices, and systems.
S&P said in a statement that the private-oriented member of the IDB Group maintains robust capitalization and high liquidity, “which we believe counterbalance rising risks from COVID-19 in the region.”
The stable outlook reflects the view that, over the next 24 months, IDB Invest will continue to execute its mandate and achieve its lending and developmental targets, S&P added.
Orlando Ferreira, IDB Invest’s Chief Financial Officer, said: “We are pleased with the rating upgrade as it demonstrates our efforts over the past few years, recognized by S&P, to continue to execute our mandate and deliver on our institutional priorities, strengthening our franchise value. The upgrade reflects our efforts to effectively play a contracyclical role by increasing our lending during unprecedented times while keeping a healthy loan portfolio and a strong financial and risk profile.”
For more information regarding IDB Invest’s S&P credit rating click here.
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $13.1 billion in asset management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.