Moody's lowers Scotiabank Peru

Moody's Investors Service said it downgraded Scotiabank Peru's dollar-denominated subordinated fixed-to-floating-rate global notes due 2027 to Baa3 from Baa2. This concludes the review for downgrade that began on Oct. 29, and the outlook is stable.

The downgrade follows the downgrade of the standalone financial strength rating of the bank's 97.7% parent, Bank of Nova Scotia, to B- from B and its baseline credit assessment to a1 from aa3. The agency said the rating on the debt continues to be positioned at one notch below the parent's adjusted baseline credit assessment in line with Moody's guidelines.

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