S&P gives Banco de Credito e Inversiones bonds A

Standard & Poor's said it assigned its A long-term issue-level rating to Banco de Credito e Inversiones SA's (A/stable/A-1) proposed CHF 150 million (roughly $167 million) senior unsecured bonds due 2019.

"The rating on the bank's bonds is the same as the long-term issuer credit rating, as it will rank pari passu in right of payment with all of BCI's unsecured debt obligations. The bank will use the proceeds to continue financing its loan portfolio growth and for general corporate purposes," S&P credit analyst Sebastian Liutvinas said in a news release.

The bonds will represent a small portion of the bank's total funding base, about 0.6% as of March 2014.

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