Fitch Expects to Rate COFIDE's Upcoming Senior Unsecured Notes 'BBB (Exp)'

Based on the documentation provided, Fitch Ratings expects to rate Corporacion Financiera de Desarrollo's (COFIDE) upcoming USD senior unsecured notes (the 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 COFIDE's senior unsecured obligations but will be - in the event of insolvency - subordinated to existing and future secured indebtedness and other debt and obligations which are granted preferential treatment under Peruvian law.

Principal under the notes will mature in up to 10 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 entity's long-term foreign currency IDR of 'BBB', which is driven by the support COFIDE would receive from its owner, the Republic of Peru, should it be needed. COFIDE will use the proceeds from the planned issue for general business purposes.

COFIDE is Peru's state-owned development bank and its ratings are as follows:

--Long-term IDR 'BBB'; Outlook Stable;

--Short-term IDR 'F2';

--Long-term local currency IDR 'BBB+'; Outlook Stable;

--Short-term local currency IDR 'F2';

--Support Rating '2';

--Support Rating Floor 'BBB'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Aug. 16, 2011).

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=649171

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