Fitch rates BCP notes BBB

Fitch Ratings said it assigned Banco de Credito del Peru's upcoming 10-year dollar-denominated senior unsecured fixed-rate notes an expected long-term rating of BBB.

The notes - for an amount to be determined - will be issued by the bank through its Panamanian branch. The rating is contingent upon the receipt of final documents.

The notes will rank pari passu with all of its existing and future senior unsecured debt and will be senior to its existing and future subordinated and junior subordinated debt. The proceeds will be used for general corporate purposes.

The bank has a long-term local-currency issuer default rating of BBB, long-term foreign-currency issuer default rating of BBB, foreign-currency short-term issuer default rating of F2, local-currency short-term issuer default rating of F2, subordinated debt rating of BBB- and junior subordinated debt rating of BB+.

The outlook is stable.

Although its leverage will increase in the short run, Fitch said it expects that gradual debt replacement and continued growth and positive returns will allow the bank to sustain adequate capital levels.

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