S&P ups Banco de Credito del Peru

Standard & Poor's said it raised its long-term counterparty credit rating on Banco de Credito del Peru to BBB- from BB+ and its short-term rating to A-3 from B.

The outlook is stable.

The agency said that the upgrade to BBB - one notch above the foreign currency rating on the sovereign - reflects its views of improving economic and industry risks for the banking sector in Peru.

While Banco de Credito del Peru is exposed to Peruvian country risk, S&P said it believes that it is likely to survive the economic chaos of a sovereign stress scenario because of its superior liquidity, traditional stability of its deposit base during past crises, benefits from a strong retail franchise, strong business and financial diversification and very solid financial performance.

S&P added that the ratings on the bank reflect the bank's leading position within the Peruvian financial system, a sound management team and its increasing business diversification.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.