Fitch changes Intercorp view to negative

Fitch Ratings said it revised the outlook to negative from stable and affirmed Intercorp Peru Ltd.'s long-term foreign and local currency issuer default ratings at BBB-, and its senior unsecured notes at BBB-.

“The negative outlook incorporates recent Fitch's rating actions on Intercorp's financial services subsidiaries, which are Intercorp's main source of dividends,” the agency said in a press release.

The outlook incorporates economic disruption caused by government measures to contain the spread of the coronavirus, Fitch said.

“These measures have been in effect since March 15 and could be extended beyond May 10. The lockdown measures are having negative consequences for almost every sector in Peru, resulting in lost revenues, erosion of liquidity, and disruption to operations and supply chains. They are projected to result in the Peruvian economy contracting by more than 4% in 2020,” Fitch said.

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