News Column

Moody's upgrades Peruvian banks

July 8, 2014



Moody's Investors Service has today upgraded to Baa1, from Baa2, the long-term local and foreign currency deposit ratings of Banco de Credito del Peru (BCP) and Scotiabank Peru (Scotiabank).

Moody's also upgraded the long term local and foreign currency deposit ratings of Banco Internacional del Peru S.A.A. - Interbank (Interbank) to Baa2, from Baa3, and raised its short term local and foreign currency deposit ratings to Prime-2 from Prime-3.

Moody's at the same time upgraded the foreign currency senior unsecured debt ratings of Banco de Credito del Peru to Baa1, from Baa2, with stable outlook, and upgraded the foreign currency senior unsecured debt ratings of Interbank to Baa2, from Baa3.

The outlook on all these ratings is stable.

Moody's also upgraded to Baa2, from Baa3, the long-term local and foreign currency issuer ratings of government-owned Corporacion Financiera de Desarrollo S.A. (COFIDE), also with a stable outlook.

The rating actions follow Moody's upgrade to A3, stable, from Baa2, positive, of Peru's local and foreign currency government bond ratings.

For details on this rating action please refer to Moody's press release "Moody's upgrades Peru's rating to A3 from Baa2; outlook stable", dated 2 July 2014.

All other ratings for these entities are unaffected by the changes in the sovereign ratings and therefore remain unchanged.

The following ratings were upgraded:

Banco de Credito del Peru:

Long term local and foreign currency deposit ratings to Baa1, from Baa2, stable outlook

Foreign currency senior unsecured debt rating to Baa1, from Baa2, stable outlook

Banco de Credito del Peru, Panama Branch:

Foreign currency senior unsecured debt rating: to Baa1, from Baa2, stable outlook

Scotiabank Peru:

Long term local and foreign currency deposit ratings to Baa1, from Baa2, stable outlook

Banco Internacional del Peru-Interbank:

Long term local and foreign currency deposit ratings to Baa2, from Baa3, stable outlook

Short term local and foreign currency deposit ratings to Prime-2, from

Prime-3

Banco Internacional del Peru -- Interbank, Panama branch:

Foreign currency senior unsecured debt rating to Baa2, from Baa3, stable outlook

Corporaciףn Financiera de Desarrollo (COFIDE):

Local and foreign currency issuer ratings to Baa2, from Baa3, stable outlook


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Source: EMBIN (Emerging Markets Business Information News)


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