S&P assigns Interbank notes BBB-

Standard & Poor's said it assigned its BBB- rating to Banco Internacional del Peru - Interbank's proposed fixed-to-floating rate subordinated notes for up to $300 million due 2029.

The ratings on the notes are one notch below the BBB long-term issuer credit rating, reflecting primarily the nondeferrable characteristics of these instruments.

In addition, the agency is giving minimal equity content because these notes - considered as tier II by the Peruvian regulator - don't have characteristics of a going-concern contingent capital.

S&P said the long-term issuer credit rating on Interbank reflects its "adequate" business position, "adequate" capital and earnings, "adequate" risk position, "average" funding and "adequate" liquidity, as criteria define these terms. The entity's standalone credit profile is bbb.

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