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Announcement:

Moody's affirms Banco de Credito del Peru's ratings

05 Mar 2012

New York, March 05, 2012 -- Moody's Investors Service today affirmed all of Banco de Credito del Peru (BCP)'s ratings including its D+ bank financial strength rating (BFSR), Baa2/Prime-2 long and short term local currency deposit ratings, and Baa3/Prime-3 long and short term foreign currency deposit ratings. At the same time, Moody's affirmed the Baa3 local currency subordinated debt rating and the Baa2 and Baa3 ratings of the foreign currency senior and subordinated debt issued via its Panamanian Branch.

All the ratings have a stable outlook, with the exception of the foreign currency deposit rating, which has a positive outlook, in line with the positive outlook of the sovereign ceiling for foreign currency deposits in Peru.

The following ratings were affirmed:

Banco de Credito del Peru:

Bank financial strength rating: D+, stable

Long term local currency deposit rating: Baa2, stable

Short term local currency deposit rating: Prime-2

Long term foreign currency deposit rating: Baa3, positive

Short term foreign currency deposit rating: Prime-3

Banco de Credito del Peru -- Panama Branch

Foreign currency senior debt rating: Baa2, stable

Foreign currency subordinated debt rating: Baa3, stable

Local currency subordinated debt rating: Baa3, stable

RATINGS RATIONALE

The affirmation of BCP's ratings reflects the bank's growing core profitability, increasing business diversification, well managed asset quality and liquidity, and improving capitalization. BCP continued to expand during 2011 and was able to slightly increase its lending market shares amid intensifying competition from both international and regional players. Moody's notes the bank's earnings continued to benefit from healthy growth of net interest income and fees during 2011, helping to offset the strong rise in operating and provisioning expenses due to business expansion.

Moody's notes this growth is not without its challenges, however. BCP's net interest margin (NIM) has come under pressure in recent years due in part to its largely corporate loan mix, which yields lower spreads, and the addition of a large amount of term debt to support the bank's longer term mortgage and commercial lending portfolios. Dampening margins across the system call into question the risk-reward opportunities in corporate banking and point to further shifts towards higher yielding business by the banks in Peru.

BCP is looking to further expand its already extensive retail franchise, but with greater emphasis on retail and consumer lending, including mortgages and credit cards, as well as on small business lending (SME) and microfinance. At the same time, high growth in the higher risk consumer and SME lending segments could change the bank's asset quality profile. On the positive side, greater emphasis on these business lines should boost fee capture and provide increased cross-selling opportunities.

On the corporate side, challenges include BCP's relatively high and increasing single borrower concentrations, as well as the bank's increasing appetite for corporate finance and investment banking transactions, in Peru and in the region. While the bank and the group have shown a disciplined approach to this business so far, the recent acquisition of Colombia's brokerage house Correval (which is pending of regulatory approval) exposes the bank to the potential for greater asset quality risks and earnings volatility. At this juncture, the bank's strong earnings, reserve coverage and capitalization provide adequate buffer to absorb unexpected losses, said Moody's.

BCP's Baa2 local currency deposit rating reflects one notch of uplift as a result of Moody's assessment of a very high probability of systemic support for the bank's obligations if needed. The Baa3 foreign currency deposit rating remains constrained by the Peruvian country ceiling for deposits, and has a positive outlook in line with that of the ceiling.

Based in Lima, Peru, Banco de Crédito del Perú reported US$25.5 billion in consolidated assets, US$ 2.3 billion in equity and US$ 534 million in net income as of December 31, 2011. It was the country's largest bank, with a 33% market share of loans and 34% of deposits. BCP is the largest subsidiary of Credicorp Ltd. (97.41% owned), a leading Peruvian financial services holding company.

The last rating action on BCP was on March 21, 2011, when Moody's affirmed the Baa3 long term foreign currency deposit rating and changed the outlook to positive from stable.

The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

Although this credit rating has been issued in a non-EU country which has not been recognized as endorsable at this date, this credit rating is deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 30 April 2012. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Jeanne Del Casino
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

M. Celina Vansetti
MD - Banking
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's affirms Banco de Credito del Peru's ratings
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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