Moody's upgrades Intercorp Peru

Moody's Investors Service said it upgraded the senior unsecured debt rating of Intercorp Peru Ltd.'s to Ba1 from Ba2 with stable outlook.

The upgrades follow the recent similar upgrade of its main operating company, Banco Internacional del Peru – Interbank's standalone assessment to Baa2 from Baa3.

The outlook is now stable.

The upgrade considers the structural subordination of Intercorp's rating to that of Interbank, along with its moderate double leverage and growing – but still limited – dividend diversification, Moody's said.

Intercorp's rating is based on the relatively robust and sustained dividend contributions, reflecting the strong pricing power and income generation capacity of the holding group's main operating subsidiaries, the agency said.

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