S&P affirms Intercorp Peru

S&P said it affirmed its issuer credit rating on Intercorp Peru Ltd. at BBB-.

At the same time, the agency affirmed the issue-level rating at BBB- on Intercorp's $250 million senior unsecured notes due 2025 and S/. 301.5 million private placement due 2030.

The outlook is stable.

“The affirmation reflects that Intercorp will continue to receive a predictable and stable dividend stream mainly from Intercorp Financial Services Inc. (IFS), its most important asset, which we expect to contribute at least 90% of total dividends in the next two years,” S&P said in a news release.

“Additionally, as a result of IFS's recent acquisitions of Sura's insurance and mortgage businesses and of Quicorp, as well as the favorable performance of its listed assets shares, the value of Intercorp's portfolio of assets has increased by about 24% over a year to about $5.9 billion, which has bolstered the company's credit risk profile.”

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