S&P assigns Minsur notes BBB-

Standard & Poor's said it assigned its BBB- rating to Minsur SA and its $400 million of proposed notes.

The outlook is stable.

The ratings reflect Minsur's bb+ stand-alone credit profile and one notch of support from its parent, Peruvian conglomerate Inversiones Breca SA (not rated).

S&P said it believes that there are sufficient incentives for shareholder's to support Minsur in case of financial distress, as it is a "highly strategic" subsidiary for the group and its distress would materially hurt the group's reputation.

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