15:54 | New York (U.S.), Aug. 28.
Fitch Ratings has assigned the following long-term ratings to Banco de Credito del Peru S.A.'s (BCP) upcoming senior unsecured fixed-rate notes for an amount and tenor to be set:
--USD denominated senior unsecured notes 'BBB+(EXP)';
--PEN denominated senior unsecured notes 'BBB+(EXP)'.
According to Fitch, the net proceeds of these senior notes will be used for liability management, in order to replace current bonds, and for general corporate purposes. The settlement amount paid to the investors will be denominated in USD.
Key rating drivers
The expected rating assigned to BCP's new issuances corresponds to the company's Issuer Default Ratings (IDRs), as the notes are senior unsecured obligations that will rank pari passu in right of payment with all of the bank's existing and future senior unsecured indebtedness.
It went on to add BCP's IDRs are driven by its Viability Rating (VR) of 'bbb+'.
"The bank's ratings are highly influenced by the operating environment and its leading franchise and well diversified business mode," the credit rating agency expressed.
"BCP's VR also reflects its solid asset quality, ample reserves, consistent financial performance, as well as its ample and diversified funding base. Capital metrics are good, although they were somewhat pressured by recent loan growth," it added.
The final debt issue ratings are contingent upon receipt of final documents confirming the information already received.
A change in BCP's IDRs could trigger a change in the rating of the entity's issues rating, it concluded.
Editor's note: Based on information provided by Fitch Ratings.
(END) NDP/DTK/MVB
Published: 8/28/2019