S&P turns Peru bank view to negative

S&P said it revised to negative from stable the outlooks on five Peruvian banks and one holding company with most of its assets in Peru.

Besides the outlook revision, S&P also affirmed its ratings on Credicorp Ltd., Scotiabank Peru SAA, Banco BBVA Peru, Banco Internacional del Peru SAA – Interbank, Corporacion Financiera de Desarrollo SA (Cofide) and Fondo Mivivienda SA.

The change in outlook follows the agency’s revision of Peru’s outlook on Thursday to negative from stable, the agency said.

“The revision reflects that there's at least a one-in-three chance of a downgrade over the next six to 24 months if political challenges–amid tensions between Peru's executive and the Congress–contribute to poor economic performance that worsens the sovereign's financial profile,” S&P said in a press release.

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