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S&P places Intercorp Perú on CreditWatch Negative

S&P Global Ratings on Jan. 31 placed Intercorp Perú Ltd.'s BBB- long-term corporate credit and issue-level ratings on CreditWatch with negative implications.

The CreditWatch placement follows a similar action on InRetail Consumer, the largest operating subsidiary within Intercorp Perú's retail investments, which accounts for about 26% of its total portfolio value. Therefore, a potential credit weakness for InRetail Consumer would undermine Intercorp Perú's asset credit quality, S&P said.

The rating agency placed InRetail Consumer on CreditWatch Negative after the company announced that it acquired pharmaceutical distributor Quicorp SA for $583 million.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.