S&P upgrades Intercorp Peru

S&P said it raised the corporate credit rating on Intercorp Peru Ltd. to BB+ from BB.

The agency also said it raised the rating to BB+ from BB on Intercorp's $250 million 144 A Regulation S senior unsecured notes due 2025 and 301.5 million in Peruvian nuevo private placement due 2030.

The outlook remains stable.

The upgrade follows a revision to the assessment of Intercorp's financial risk profile to modest from intermediate, S&P said.

This is supported by expectations that the company will maintain low leverage and protect its cash flow, which would result in an LTV ratio well below 20% and a cash flow adequacy ratio of more than 2.0x, in spite of increased foreign exchange and financial market volatility and soft macroeconomic conditions, the agency explained.

The ratings also consider the value of the company's portfolio of assets, which will be well above $3 billion with no significant fluctuations, S&P said.

The agency also said it does not expect the company to issue additional debt within the next two years.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.