Moody’s rates BBVA Peru notes Baa3

Moody's Investors Service said it assigned a Baa3 long-term foreign-currency subordinate debt rating to the planned notes to be issued by Banco BBVA Peru. The dollar-denominated notes will have a maturity of 10.25 years with an option to redeem on the fifth year in whole or in part. BBVA is expected to sell $300 million in notes.

The notes will be eligible for tier 2 treatment under Peru's regulatory framework.

“The Baa3 rating assigned to the proposed subordinate notes is positioned one notch below BBVA's baa2 adjusted baseline credit assessment (adjusted BCA) and is in line with Moody's standard notching guidance for plain vanilla subordinated debt rating,” the agency said in a statement.

The outlook is negative.

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