S&P rates BBVA Banco Continental notes BBB

Standard & Poor's said it assigned a BBB rating to BBVA Banco Continental's proposed senior unsecured fixed-rate notes for up to $500 million.

The new issuance will have a tenor of five years. The proceeds will be used primarily to fund its expansion.

Holding Continental SA is a joint venture between Banco Bilbao Vizcaya Argentaria SA and Grupo Brescia, where all relevant strategic decisions are taken through consensual agreement, S&P said.

These two entities jointly control 92.24% of BBVA Banco Continental through Holding Continental, the agency said.

BBVA Banco Continental is a moderately strategically important subsidiary of BBVA, S&P said, and its operations, risk management practices and strategy are consistent with those of BBVA.

BBVA Banco Continental also demonstrates high systemic importance in Peru, the agency said.

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