Fitch rates Banco de Credito del Peru BBB-

Fitch Ratings said it assigned ratings to Banco de Credito del Peru, including a C/D individual rating, BBB- long-term foreign- and local-currency issuer default ratings and F3 short-term foreign- and local-currency ratings. The support rating was affirmed at 3.

The bank's local-currency issuer default rating is at the same level as the sovereign's rating, and its foreign-currency issuer default rating is at Peru's country ceiling.

The agency said the ratings reflect the bank's dominant local franchise, which was maintained through Peru's financial crisis and will be the key to sustained recovery of recurring profitability, along with much-improved asset quality and strong liquidity.

The bank's individual rating is restrained by its relatively high leverage compared to regional peers, Fitch said.

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