S&P: Banco de Credito del Peru notes BBB

S&P said it assigned a BBB rating to Banco de Credito del Peru's senior unsecured notes of up to $300 million due 2019.

The rating on the notes is the same as the bank’s long-term issuer credit rating because they rank equally in right of payment with all of the bank's other senior unsecured debt, S&P said.

The proceeds will be used for general corporate purposes.

The bank’s funding is assessed as average compared to the industry's norm, S&P said.

The bank’s liquidity also is considered adequate thanks to broad liquid assets that cover its short-term wholesale funding by 1.93x as of the end of June 2016 with a three-year average of 2.53x, the agency said.

Although these ratios are higher than the average for other Latin American and many global banks, they are similar to the Peruvian banking system average, resulting from relatively high reserve requirements, S&P said.

The ratings also continue to reflect the bank’s strong business position, leading position in practically all of its business lines and adequate capital and earnings, the agency said.

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