Fitch rates Banco de Credito del Peru BBB

Fitch Ratings said it expects to assign a BBB rating to Banco de Credito del Peru's upcoming dollar-denominated subordinated notes.

The notes - for an amount to be determined - will be issued by the bank through its Panamanian branch, Fitch said.

The notes will be consolidated and form a single series with the existing $520 million subordinated notes that the bank originally issued in April 2012, the agency said.

The principal under the notes will mature April 24, 2027, Fitch said, and interest payments will be made April 24 and Oct. 24 of each year until 2022 and Jan. 24, April 24, July 24 and Oct. 24 from 2023 until maturity, Fitch said.

The notes will carry a fixed interest rate of 6.125% until 2022 and a LIBOR-based floating rate starting on 2023, the agency said.

The bank has long-term local- and foreign-currency issuer default ratings of BBB+; both of them driven by the bank's viability rating, which is currently at BBB+.

The ratings reflect the bank's dominant franchise; large market share; sound performance; diversified balance sheet and revenue stream; broad, low-cost deposit base; sound asset quality; and adequate reserves and capital, the agency said.

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