Moody’s: Intercorp view to positive

Moody's Investors Service said it revised Intercorp Peru Ltd.'s outlook to positive from stable and affirmed the Ba2 senior unsecured debt rating.

The affirmation of Intercorp's rating incorporates the relatively sound credit profile of its primary operating subsidiary, Banco Internacional del Peru-Interbank (Baa2/Baa2 positive, baa3), as well as the holding company's still limited dividend diversification despite plans to grow the insurance and retail businesses, the structural subordination and its moderate double leverage.

“The positive outlook is in line with the positive outlook assigned to Interbank, and considers Moody's view that Intercorp's financial performance is likely to remain strong despite indications of rising asset risks at Interbank that may pressure profitability, and therefore dividend payments, going forward,” Moody’s said in a news release.

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