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S&P upgrades Intercorp Perú ratings

S&P Global Ratings on July 18 upgraded Intercorp Perú Ltd.'s corporate credit rating to BB+ fromBB, following a revision of its financial risk profile assessment to modest fromintermediate.

The outlook remains stable.

S&P said that the upgrade incorporates the expectation thatthe company's assets will hold above $3.0 billion and that no additional debt willbe issued in the next two years.

The rating agency said it also expects the bank to have creditmetrics "comfortably commensurate with a modest financial risk profile, includingan LTV ratio below 20% and a cash flow adequacy ratio above 2.0x for the next twoyears, in spite of continued soft macroeconomic conditions and regional foreignexchange volatility."

Intercorp Perú is the parent company of Intercorp Financial Services Inc.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.