S&P Global Ratings on Oct. 4 assigned BBB- long- and A-3 short-term issuer credit ratings on Peru-based nonoperating holding company Intercorp Financial Services Inc.
In S&P's view, Intercorp Financial has a prominent business position in the domestic financial system through its subsidiaries in the banking, insurance and wealth management businesses. The holding company's acquisition of Sura Asset Management SA's businesses in Peru should increase its subsidiaries' market share, the rating agency said.
The ratings are one notch below the group credit profile due to the holding company's dependence on the subsidiaries' dividend upstream to service its debt, S&P said. In addition, the group credit profile excludes uplift for potential extraordinary government support.
The outlook is stable, reflecting the outlook on Intercorp Financial's main operating subsidiary, Banco Internacional del Perú SAA. It also incorporates S&P's expectation that the company's subsidiaries will maintain healthy profitability metrics and continue to send dividends upstream to the parent to service its debt.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.