S&P gives Banco de Credito notes BB+

S&P said it assigned its BB+ issue-level rating to Banco de Credito e Inversiones' proposed perpetual notes.

The issue rating on the additional tier 1 notes is four notches lower than BCI's a- stand-alone credit profile. The agency said it subtracts a notch for contractual subordination, two notches for the risk of nonpayment and another for the risk of principal write-down if the bank faces distress or nonviability.

The bank will use the proceeds for general corporate purposes.

The outlook is stable.

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