Fitch Lifts CAF

Fitch has raised development bank Corporacion Andina de Fomento’s (CAF) rating to AA minus from A+, it says. CAF received the upgrade largely because of the Venezuela-based lender’s increase in membership, to 18 countries by the end of 2012 from five in 2006 when it was last upgraded. Also its paid-in capital contributions, which are expected to rise to 75% by 2017. The outlook is stable.