Fitch rates Banco de Credito del Peru notes BBB

Fitch Ratings said it assigned Banco de Credito del Peru's five-year dollar-denominated senior unsecured fixed-rate notes a long-term rating of BBB.

The bank has a foreign-currency long-term issuer default rating of BBB, foreign-currency short-term issuer default rating of F2, local-currency long-term issuer default rating of BBB, local-currency short-term issuer default rating of F2, senior unsecured debt rating of BBB, subordinated debt rating of BBB- and junior subordinated debt rating of BB+.

The outlook is stable.

The $700 million notes were issued by the bank through its Panamanian branch and carry a fixed interest rate of 4.75%. Principal will mature in 2016, and interest payments will be made semi-annually until maturity.

The notes rank pari passu with all of the bank's existing and future senior unsecured debt and are senior to its existing and future subordinated and junior subordinated debt, Fitch said.

The proceeds will be used for general corporate purposes.

Although its leverage will increase in the short run, the agency said it expects that gradual debt replacement and continued growth and positive returns will allow the bank to sustain adequate capital levels.

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