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S&P rates Banco de Credito del Peru notes BBB+
Standard & Poor’s said it assigned a BBB+ rating to Banco de Credito del Peru’s senior notes of up to $391 million due January 2018.
The rating on the notes is the same as the bank’s long-term issuer credit rating, reflecting its pari passu raking in right of payment with all of the bank’s other unsecured obligations, S&P said.
The newly issued notes will be exchanged for the $365 million 4¾% senior notes that mature March 16, 2016.
S&P said it views this exchange as beneficial for the bank due to low interest rates and as it aims to rebalance the bank’s debt maturity profile.
These notes won’t represent additional indebtedness, so S&P said it sees no changes in the current funding and liquidity assessments.
The ratings reflect the bank’s strong business position, adequate capital and earnings, risk position, average funding and adequate liquidity, the agency said.
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