Moody’s: Banco de Credito del Peru notes Baa1

Moody's Investors Service said it assigned a Baa1 foreign currency senior unsecured debt rating to the up to $300 million of senior unsecured notes to be issued by Banco de Crédito del Peru SA (BCP), which will be due in 36 months.

The notes are governed by New York law.

The outlook is stable.

Moody’s said the rating reflects BCP’s very strong profitability, strong albeit deteriorating asset quality, moderate-to-strong liquidity profile, and moderate capitalization.

Despite lower interest rate environment and weak lending growth, the bank's robust and growing profitability is supported by its significant pricing power and increasingly diverse revenue sources, marked by a greater emphasis on higher margin retail and SME lending, its efficient operations and its strong access to low-cost funding, the agency noted.

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