Credit Opinion: Corporación Andina de Fomento

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1 Credit Opinion: Corporación Andina de Fomento Global Credit Research - 11 Jul 2014 Ratings Category Moody's Rating Outlook Stable Issuer Rating Aa3 Senior Secured Aa3 Senior Unsecured Aa3 Commercial Paper P-1 Other Short Term (P)P-1 Contacts Analyst Phone Sarah Glendon/New York City Jaime Reusche/New York City Bart Oosterveld/New York City Mauro Leos/New York City Key Indicators Corporación Andina de Fomento (CAF) Total Assets (USD million) ,272 15,887 18,547 21,535 24,818 27,418 Return on Average Assets (%) Usable Equity/Gross Loans Outstanding + Equity Operations (%) [1] Gross NPLs/Gross Loans Outstanding (%) [2] ST Debt + CMLTD/Liquid Assets (%) [3] Total Debt/Discounted Callable Capital (%) [4] 3, , , , , ,910.2 [1] Usable equity is total shareholder's equity and excludes callable capital [2] Non performing loans [3] Short-term debt and currently-maturing long-term debt [4] Callable capital pledged by members rated Baa3 or higher, discounted by Moody's 30-year expected loss rates associated with ratings Opinion Issuer Profile CAF was established in 1970 to promote sustainable economic development and regional integration for its five original member countries: Bolivia, Colombia, Ecuador, Peru and Venezuela. However, CAF's membership has since expanded to 18 countries from the original 5 and now includes most of Latin America. CAF's principal activity is to provide loans to finance projects, working capital and trade activities in its shareholder countries. CAF offers its products to member states and to the public and private financial institutions and corporations that operate within them. The large majority of its loan operations are to the public sector. Credit Strengths - Strong willingness of members to provide financial support

2 - Prudent financial management reflected in highly diversified funding sources - Improving average credit quality of an increasingly diversified member base and loan portfolio - Record of strong asset performance reflecting preferred-creditor status Credit Challenges - Significant credit exposure to B-rated countries - Very limited presence of highly-rated shareholders and low levels of callable capital - Comparably heavy dependence on short-term funding and weak liquidity ratios - Relatively weak financial policies Rating Rationale Moody's Aa3 rating for long-term debt issued by the Corporación Andina de Fomento (CAF) and its P-1 short-term rating reflect the Corporation's prudent financial management, its history of strong support from its primary shareholders, improving credit quality of its membership, and strong performance of its loan portfolio. These strengths are offset by the Corporation's continued high exposure to its lowest rated members, its absence of Aaa-rated members, and low levels of callable capital, which result in capital adequacy ratios that remain relatively weak despite recent improvements. In addition, liquidity, though strong by ordinary standards, is relatively weak compared to more highly rated multilateral development banks (MDBs) due to CAF's dependence on short-term funding. CAF's prudent financial management is reflected in its well balanced assets and liabilities and diversified funding sources. CAF's asset/liability management seeks to minimize roll-over, interest rate and exchange rate risks and avoid maturity mismatches. Access to diverse funding sources has helped ensure continued market access throughout recent financial crises. CAF's loan and liability portfolios are fairly well diversified in terms of tenors, though the Corporation does depend more heavily on short-term financing than many of its more highly rated peers. While the Corporation's liquidity and investment policies are weak compared to many other MDBs, in practice its liquidity levels far exceed its policy requirements (though as noted above they remain weak compared to more highly rated MDBs) and its investment portfolio is much more conservatively managed than required by the Corporation's policy. CAF's investments consist almost entirely of high quality, short-term securities, with an average rating of Aa2 and average duration of just 0.5 years. The Corporation's capital base has grown dramatically in recent years with the addition of new full members and two general capital increases. With the addition of Argentina and Paraguay in 2011, following Brazil, Panama, and Uruguay, the previous year, the number of full members has doubled to 10. In addition, CAF expects that Trinidad and Tobago will become a full member by the end of In November 2011, CAF's Board of Directors approved an increase in paid-in capital of US$2.0 billion, to be paid between Together with the previous general capital increase and capital committed by CAF's new full members, it will result in a $6 billion, or 300%, increase in CAF's paid-in and unpaid subscribed capital since In addition, Mexico recently contributed an additional $100 million of paid-in capital, making it CAF's second largest Class C shareholder. (Class C shareholders have limited rights and obligations.) Over the next five years, CAF will receive an average of $725 million annually in capital payments. In Moody's view, this is an indication of the very strong willingness of CAF's members to provide support for the institution. At the same time that the number of full member countries has grown, the credit quality of CAF's members has improved considerably - 10 of CAF's 18 members now have investment grade ratings. Bolivia, Ecuador, Panama, Paraguay and Peru were also upgraded in recent years. As a result, the weighted median rating of CAF's members has improved to Baa3 from Ba3 in Recent downgrades of Argentina and Venezuela have been offset by upgrades of Mexico, Paraguay and Spain. As a result, the ability of CAF's members to provide support has also improved, though it remains limited compared to most more highly rated MDBs. Arguably more important, around 42% of CAF's loans are now to members with investment grade ratings, up from virtually none in The portfolio has also become considerably more diversified as CAF's membership has grown - the percentage of CAF's loans attributable to its five original members has fallen to 65% from 95%, with further declines expected. However, the Corporation remains heavily exposed to three Caa-rated countries - Argentina, Ecuador, and Venezuela - which together account for 45% of the Corporation's loans.

3 Notwithstanding the improved credit quality and increased diversification of its membership, CAF is distinguished from more highly rated MDBs by its lack of Aaa- and Aa-rated members. As a result, its risk-asset coverage ratio (shareholders' equity plus callable capital from Aaa- and Aa-rated members divided by loans to non-investment grade members) remains relatively weak despite improving from 47% in 2008 to 76% in 2013, compared to a median for Aa- and Aaa- MDBs of 260%. However, if callable capital is excluded from the calculation, CAF is now very competitive with a number of Aaa-rated MDBs, which depend much more heavily on callable capital than does CAF. In fact, CAF has one of the highest ratios of paid-in capital among rated MDBs. This is another indication of the high level of member support for the institution. The Corporation's credit challenges are derived from its development mandate, which exposes its loan portfolio to a high degree of regional concentration and results in narrow profitability as the institution seeks to provide its members with the lowest possible cost of funding. As is the case with other MDBs, however, the Corporation's preferred creditor status ensures that debt owed to the CAF is excluded from debt restructurings carried by its official creditors. Furthermore, CAF serves as a lender of last resort to its members, providing them access to funding when markets are closed to them. Given the rapid growth of the institution, the Corporation is disbursing more loans to most of its members than it is receiving from them in loan payments. These factors serve as important incentives to CAF's members to remain current on their obligations to the Corporation. CAF's loans to private sector borrowers benefit from additional protections afforded to CAF when operating within shareholder countries, including free convertibility and transferability of assets and immunity from expropriation. These considerations are reflected in CAF's history of very strong loan performance notwithstanding the poor credit quality of many of its borrowers and the rapid growth of its loan portfolio. CAF currently has zero non-performing loans, having restructured the one loan in its entire portfolio that was in non-accrual status as of the end of That was the Corporation's only non-performing loan since In addition, the Corporation maintains a loan-loss allowance of $38 million, which provides a cushion against potential credit losses. Profitability remains adequate and is expected to improve over the next several years. In addition, the Corporation has made significant improvements to its operating efficiency over the past several years, helping to limit the impact of falling interest rates. CAF's liquidity ratio of 55% (the sum of current maturities of long-term debt and short-term debt divided by liquid assets) is similar to that of its rating peers, and indicates that it has enough liquid assets to cover more than 20 months of its average funding requirements. However, compared to most other MDBs, CAF has a much higher level of deposit funding, which Moody's considers to be less reliable than long-term debt financing, and more comparable to short-term debt financing. In 2013, deposits increased slightly to $140 million after a $550 million decline in Together, commercial paper and deposits account for nearly one-quarter of the Corporation's capitalization. If deposits are included in the numerator, the liquidity ratio rises to 94%, more than twice the median (higher being weaker) for Aa- and Aaa-rated MDBs of 42% and weaker than all more highly rated MDBs except for the European Investment Bank, which has access to European Central Bank facilities. Even by this measure, however, CAF still has enough liquid assets to cover a year's potential funding requirements - quite strong by most standards. Rating Outlook The stable outlook reflects Moody's expectation that CAF's capitalization and liquidity levels will remain adequate to the rating category as CAF undergoes a rapid expansion in the coming years, and that the institution will be able to successfully negotiate the increased operating and credit risk this entails. What Could Change the Rating - Up The rating could face upward pressure if CAF meaningfully reduces its exposure to its lowest rated borrowers, decreases its dependence on short-term funding and deposits, and strengthens its liquidity and investment policies; if its capitalization and liquidity ratios demonstrate significant further improvement; or if it obtains a new highly rated member or members responsible for a significant amount of callable capital. What Could Change the Rating - Down There could be downward pressure on the rating if CAF faces a credit event involving any of its major borrowers, or if it suffers an unexpected drop in liquidity or capitalization levels. Recent Developments CAF's balance sheet continued to expand rapidly in The loan book increased by 10% and the greatest

4 exposure last year was to Venezuela (16.5% of the total loan portfolio), followed by Ecuador (15.2%), Peru (13.8%), Argentina (13.7%), and Colombia (10%). The growth of the balance sheet was financed with a 9% increase in debt (including deposits), as well as a 13% increase in shareholders' equity. In 2013, CAF had 14 bond issuances totaling $2.7 billion and it continues to diversify its funding sources. Last year alone, CAF issued in six different currencies, including its debut issuance in Australian dollars and a return to the Swiss franc market. The Corporation continues to hedge 100% of its foreign exchange risk. In addition, CAF received $865 million in capital subscriptions in 2013, including Trinidad and Tobago's second contribution of $108 million which will lead to its conversion into a full member later this year. Net income increased to $207 million in 2013 from $160 million the previous year, returning to pre-crisis levels. The improvement was influenced by a change in the methodology used to calculate loan loss provisions. The net interest margin (net interest income as a percentage of earning assets) fell to 0.76% from 1% the previous year, due to a decline in the LIBOR rate. (LIBOR is the key reference used for setting interest rates on CAF's assets and liabilities, and since CAF is highly capitalized, there is a direct correlation between the net interest margin and movements in LIBOR.) Return on Average Assets increased slightly to 0.79% from 0.69% the previous year and the Return on Average Equity increased to 2.81% from 2.42% -- improvements that were also influenced by the above mentioned change in methodology. Rating Factors Corporación Andina de Fomento (CAF) Rating Factors Factor Weight Factor Score Factor 1: Capital Adequacy 60% High Factor 2: Liquidity 40% High Intrinsic Financial Strength (F1 + F2) Preliminary High Rating Range Factor 3: Strength of Member Support +3, +2, +1, 0 notches Low Rating Range (F1 + F2 + F3) Aa2- A1 Assigned Rating Aa3 Note: While the information used to determine the grid mapping is mainly historical, our ratings incorporate expectations around future metrics and risk developments that may differ from the ones implied by the rating range. Thus, the rating process is deliberative and not mechanical, meaning that it depends on peer comparisons and should leave room for exceptional risk factors to be taken into account that may result in an assigned rating outside the indicative rating range. For more information please see our Multilateral Development Banks and Other Supranational Entities rating methodology. Footnotes:(1) Rating Range: Factor 1, Capital Adequacy, and Factor 2, Liquidity, combine according to the weights indicated into a construct we designate as Intrinsic Financial Strength (IFS). A notching system combines IFS and Factor 3, Strength of Member Support. (2) 5 Ranking Categories: Very High, High, Medium, Low, Very Low Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and

5 affiliates (collectively, "MOODY'S"). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATION") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody s Publications.

6 To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY S. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. MIS, a wholly-owned credit rating agency subsidiary of Moody s Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at under the heading "Shareholder Relations Corporate Governance Director and Shareholder Affiliation Policy." For Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN AFSL and/or Moody's Analytics Australia Pty Ltd ABN AFSL (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail clients. It would be dangerous for "retail clients" to make any investment decision based on MOODY'S credit rating. If in doubt you should contact your financial or other professional adviser.

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