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S&P revises outlook on Peru's Cofide to stable as asset quality improves

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S&P revises outlook on Peru's Cofide to stable as asset quality improves

S&P Global Ratings on Aug. 13 revised its outlook on Peru-based Corporación Financiera de Desarrollo SA to stable from negative after the development bank contained the deterioration of its asset quality.

Cofide, as the bank is known, had seen its credit fundamentals erode as the Lava Jato corruption probe in Brazil impacted Peru and its infrastructure-related sectors. However, timely government projections helped the bank to write off most of its problem loans, reviving credit provision deficiencies and retaining solid solvency levels, S&P Global Ratings said.

Although Cofide will remain exposed to the infrastructure sector, the bank will be cushioned by its sound coverage levels, the rating agency noted.

The stable outlook also reflects a modestly lower downside risk in Peru's infrastructure and construction sectors over the next two years.

S&P Global Ratings affirmed Cofide's BBB/A-2 ratings.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.