Fitch rates Fondo Mivivienda notes BBB+

Fitch Ratings said it assigned an expected rating of BBB+ to Fondo Mivivienda SA's proposed issuance of $300 million of senior unsecured fixed-rate notes.

The notes - with a maturity date to be determined - will carry a fixed interest rate to be set at the time of issuance, the agency said.

The proceeds will be used for general corporate purposes.

The expected rating on the notes is equal to the company's long-term foreign-currency issuer default rating of BBB+, Fitch said.

The company also has a local-currency long-term issuer default rating of A-, foreign-currency short-term issuer default rating of F2, local-currency short-term issuer default rating of F2 and senior unsecured debt rating of BBB+.

The ratings are support-driven and reflect a perception of the high probability of support it would receive from the Republic of Peru, if needed, the agency said.

The company is an integral and key part of the government with an increasingly important role implementing policies to reduce the housing deficit in Peru, Fitch said.

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