5 de junio de 2014 / 14:48 / en 3 años

Fitch Expects to Rate Banco de Credito del Peru's Senior Notes 'A-'

(The following statement was released by the rating agency) NEW YORK, June 05 (Fitch) Fitch Ratings expects to assign an 'A-(exp)' rating to Banco de Credito del Peru's (BCP) upcoming U.S. dollar senior unsecured notes maturing in 2018. A list of BCP's current ratings follows the end of this press release. Based on the documentation provided, Fitch has assigned the 'A-(exp)' rating to BCP's 3.5-year U.S. dollar senior unsecured fixed-rate notes. The notes - for an amount to be determined - will be issued by BCP in exchange for the bank's outstanding senior unsecured bonds maturing in 2016. Principal will mature in 3.5 years, and interest payments will be made semi-annually. The notes will carry a fixed interest rate to be set at the time of the issuance. KEY RATING DRIVERS BCP has a long-term local currency Issuer Default Rating (IDR) of A-', and a long-term foreign currency IDR of A-'; both of them driven by BCP's Viability Rating (VR) which is currently at 'a-'. BCP's VR, IDR and senior debt ratings are driven by its leading franchise; consistent, sound performance; diversified balance sheet and revenues; strong asset quality; adequate capital and reserve cushions; broad, low-cost deposit base; positive operating and regulatory environment; ample liquidity; and moderate efficiency. The notes will rank pari-passu with all of BCP's existing and future unsecured debt other than obligations that are, by their terms, expressly subordinated in right of payment to the notes. The notes will be effectively subordinated to all of BCP's secured indebtedness with respect to the value of its assets securing that indebtedness, and certain direct, unsecured general obligations that in case of insolvency are granted preferential treatment pursuant to Peruvian law. The notes will be structurally subordinated to all of the existing and future liabilities of BCP's subsidiaries. BCP will not receive any cash proceeds from the notes (as they will be exchanged for other senior unsecured notes maturing in 2016); hence, there will be no impact on the bank's moderate leverage. RATING SENSITIVITIES The notes' ratings are sensitive to any changes in BCP's VR and IDRs; in particular, BCP's VR and IDRs are highly correlated with the strength of the Peruvian economy; should the economic environment continue to improve, as is reflected in its sovereign ratings, and the bank maintain a consistent performance and its structural strengths, including Fitch Core Capital (FCC) above 12%, BCP's ratings could be upgraded. Though not Fitch's base case, BCP's VR and IDRs could suffer if operating environment deterioration materially affects the bank's asset quality and performance to bring it to levels worse than the market average, and lead to an erosion of the bank's reserve and capital cushions (FCC below 9.5% and/or Operating ROAA below 1%). Fitch currently rates BCP as follows: --Long-term foreign currency IDR: 'A-', Stable Outlook; --Short-term foreign currency IDR: 'F1'; --Long-term local currency IDR: 'A-', Stable Outlook; --Short-term local currency IDR: 'F1'; --Viability Rating: 'a-'; --Support rating: '2'; --Support floor: 'BBB'; --Senior unsecured debt: 'A-'; --Subordinated debt: 'BBB+'; --Junior subordinated debt: 'BB'. Primary Analyst Diego Alcazar Director +1-212-908-0396 Fitch Ratings, Inc. 33 Whitehall St. New York, NY 10004 Secondary Analyst Alejandro Tapia Director +52 81-8399-9156 Committee Chairperson Alejandro Garcia Senior Director +52-81-8399-9146 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com. Additional information is available at 'www.fitchratings.com'. Applicable Criteria and Related Research: --'Global Financial Institutions Rating Criteria' (Jan. 31, 2014). Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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