S&P Global Ratings on Aug. 14 affirmed Scotiabank Perú SAA's long- and short-term issuer credit ratings at BBB+ and A-2, respectively.

Scotiabank Perú's ratings reflect its status as Peru's third-largest financial institution with good diversification, sound business stability and sound capitalization. S&P forecasts the bank's risk-adjusted capital ratio will hover about 10.7% over the next 12 to 18 months.

Additionally, due to strengthening capitalization, S&P revised the bank's stand-alone credit profile to "bbb+" from "bbb."

Meanwhile, the outlook on the long-term issuer rating is stable, which both mirrors the outlook on Peru and reflects S&P's belief that the bank will remain a strategic subsidiary of parent Bank of Nova Scotia.

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