OREANDA-NEWS. Based on the documentation provided, Fitch Ratings expects to rate Banco Latinoamericano de Comercio Exterior's (Bladex) upcoming USD senior unsecured notes 'BBB+(exp)'. The final rating is contingent upon the receipt of final documents conforming to information already received.

The notes (for an amount to be determined) will be issued under Bladex's USD2.25 billion Euro medium-term note program. The notes will be Bladex's senior unsecured obligations and will rank pari passu with all of its existing and future unsecured obligations but will be effectively subordinated to any future secured indebtedness.

Principal under the notes will mature in five years, and they will carry a fixed interest rate to be set at the time of the issuance; interest payments will be made semi-annually.

The expected rating of the notes is at the same level of the bank's long-term foreign currency Issuer Default Rating (IDR) of 'BBB+', which is driven by Bladex's Viability Rating of 'bbb+'. Bladex will use the proceeds from the planned issue for general corporate purposes.

RATING SENSITIVITIES
The notes' rating will vary in line with Bladex' IDR which is sensitive to:

--More stable revenues and a material reduction in credit and funding concentrations as this could result in lower risk and improved, more consistent profitability;
--Significantly weaker margins, or important asset quality deterioration that erodes profitability and weakens the capital/reserves cushion beyond Fitch's base case scenarios, (Fitch Core Capital below 12%).

Bladex is a specialized bank established by the central banks of Latin American and Caribbean countries to support trade finance in the region.

Fitch currently rates Bladex as follows:

--Long-term foreign currency IDR 'BBB+'; Outlook Stable;
--Short-term foreign currency IDR 'F2';
--Viability rating 'bbb+';
--Support Rating '5';
--Support Rating Floor 'NF';
--Senior unsecured notes 'BBB+';
--Senior unsecured certificates 'AAA(mex)';
--Senior Unsecured short term certificates 'F1+(mex)'.