Fitch to rate Interbank notes BBB-

Fitch Ratings said it expects to rate Banco Internacional del Peru SAA - Interbank's upcoming dollar-denominated subordinated notes BBB-(exp).

The notes, in an amount to be determined, will mature in 2029, and interest payments will be made semi-annually until 2024 and quarterly thereafter.

The notes will carry a fixed-interest rate to be determined at closing until 2024 and a Libor-based floating-rate thereafter.

Fitch said the notes rank junior to Interbank's senior unsecured debt and will be effectively subordinated to all of Interbank's secured indebtedness with respect to the value of its assets securing that indebtedness, certain direct, unsecured general obligations that in case of insolvency are granted preferential treatment pursuant to Peruvian law, and all of the existing and future liabilities of Interbank's subsidiaries, including trade payables.

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