S&P lifts Intercorp Peru, notes

S&P said it raised the corporate credit rating on Intercorp Peru Ltd. to BBB- from BB+ and the issue-level rating to BBB- 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 is stable.

“The upgrade reflects Intercorp's improved asset credit quality as a result of the strengthening in the creditworthiness of one of its most important assets. This should, in our opinion, result in more stable earnings and cash flows,” S&P said in a news release.

“The rating also incorporates our view that the value of the company's asset portfolio will remain well above $3 billion, with no significant fluctuations.”

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