S&P affirms ratings on Asean’s Credit Guarantee and Investment Facility

S&P Global Ratings has affirmed its “AA” long-term and “A-1+” short-term issuer credit ratings on Asean’s Credit Guarantee and Investment Facility (CGIF). The outlook is “stable”.
At the same time, S&P affirmed its “axAAA” long-term Asean regional scale credit rating on CGIF, which is based in the Philippines.
The ratings firm said its issuer credit ratings on CGIF reflected its assessment of the facility's business profile as adequate and its financial profile as extremely strong, resulting in a standalone credit profile (SACP) of “aa”. The ratings do not benefit from extraordinary support because CGIF does not have callable capital.
CGIF is a supranational institution established in November 2010, with a mandate to help deepen and develop liquid local-currency bond markets among Asean members. CGIF provides guarantees on bonds issued by corporates in the Asean region. 
As of May, CGIF had issued 16 guarantees in Singapore, the Philippines, Thailand, Indonesia and Vietnam.