S&P upgrades Intercorp Peru

Standard & Poor's said it raised the ratings on Intercorp Peru Ltd., including its corporate credit rating to BB from BB-.

The outlook remains stable.

The upgrade is primarily based on the company's improved business and financial prospects due to the growth and higher diversification of its asset portfolio, S&P said.

The upgrade also reflects expectations that Intercorp will continue to receive sufficient dividends in the next two- to three years to cover its debt service, which is about $22 million in annual interest expense on its $250 million bond due 2019, the agency said.

The ratings also consider the company's lack of liquid investments and inherently volatile cash flow, S&P said.

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