S&P upgrades Interbank

S&P said it raised the long-term issuer credit rating on Banco Internacional del Peru-Interbank (Interbank) to BBB from BBB-.

The agency also said it revised the bank's stand-alone credit profile to BBB- from BB+.

S&P also said it raised the ratings on the bank's subordinated debt to BB+ from BB-.

The two-notch upgrade on the subordinated debt is because the stand-alone credit profile on the bank is now investment grade.

The agency also said it raised the ratings and revised upward the stand-alone credit profile on Interbank mainly because it has consistently strengthened its capitalization due to sound internal capital generation, while it maintains solid asset-quality metrics.

The ratings reflect the bank’s adequate business position as the fourth-largest financial institution in Peru with a special focus on retail lending with a market share in terms of loans and deposits of 11.2% and 11.9% as of September 2016, respectively, S&P said.

The ratings also consider the bank's adequate capital and earnings, the agency said.

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