Moody's rates Interbank notes Ba1

Moody's Investors Service said it assigned a Ba1 foreign currency subordinated debt rating to the $300 million fixed-to-floating rate tier II-eligible subordinated notes due 2029 to be issued by Banco Internacional del Peru SAA - Interbank.

The outlook is stable, in line with the outlook on the bank's other ratings.

The notes are being issued as redeemable subordinated notes under Article 233 of the Peruvian Banking Law and will be governed by New York State law.

Moody's said the Ba1 subordinated debt rating is one notch below the bank's baa3 standalone baseline credit assessment, in line with Moody's methodology for rating junior obligations, and as such does not benefit from systemic support. The new notes are subordinated to all of the bank's senior obligations but are senior in right of payment to the bank's junior subordinated securities. The notes are expected to qualify as tier II regulatory capital under Peruvian Banking Law.

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