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S&P removes Intercorp Peru, Intercorp Financial from CreditWatch negative

S&P Global Ratings on March 16 affirmed its ratings on Intercorp Perú Ltd. and Intercorp Financial Services Inc. while removing them from CreditWatch negative.

Intercorp Peru's long-term corporate credit and issue-level ratings were affirmed at BBB- and Intercorp Financial's ratings were affirmed at BBB-/A-3. The outlook on both companies is stable.

The ratings actions reflect S&P's expectation that Intercorp Peru will continue to benefit from a stable dividend stream primarily from Intercorp Financial Services, a key unit that contributes roughly 90% of the parent company's total dividends.

S&P noted that Intercorp Financial's acquisition of Sura Asset Management SA's insurance and mortgage operations has raised the value of its assets portfolio by 15% to about $5.5 billion, which in turn has improved the company's credit risk profile.

The stable outlook reflects S&P's expectation that Intercorp Peru will continue to register solid credit metrics in the next 12 to 18 months, including a loan-to-value ratio of between 10% and 20% and a cash flow adequacy ratio above 2.0x.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.