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Rating Action:

Moody's rates Baa3 Banco Internacional del Perú S.A.A.- Interbank's proposed subordinated debt issuance

24 Jun 2020

New York, June 24, 2020 -- Moody's Investors Service ("Moody's") has today assigned a Baa3 long-term global foreign currency rating to Banco Internacional del Perú S.A.A. -- Interbank's US dollar-denominated 144A/Reg S subordinated notes for up to $300 million (10NC5), elegible for Tier 2 treatment under Peru's Reglamento de Deuda Subordinada aplicable a las Empresas del Sistema Financiero.

Assignments:

..Issuer: Banco Internacional del Perú S.A.A. -- Interbank

.... Long-term global foreign currency subordinated debt rating, Assigned Baa3

RATINGS RATIONALE

The Baa3 rating assigned to the proposed subordinated notes is positioned one notch below the baa2 adjusted baseline credit assessment (adjusted BCA) of Interbank, in line with Moody's standard notching guidance for plain vanilla subordinated debt ratings.

Interbank's baa2 BCA reflects the strength of the bank's retail lending franchise, its diversified loan portfolio and robust recurring profitability, which will serve the bank well as it increases provisions in the face of potential pressures on asset quality resulting from the contraction of the Peruvian economy. In Q1 2020, Interbank's 90+ days nonperforming loan ratio declined to 2.12%, from 2.46% in 2019, while net income to tangible assets fell to 1.75%, from a record-high 2.35%, as the bank built reserves against deterioration in asset quality. Interbank increased its loan loss provisions to 3.26% of gross loans, from 2.52%, in line with the economic deceleration stemming from mobility restrictions and other measures implemented at the onset of the coronavirus outbreak. We expect the bank's asset quality and profitability in 2020 to be affected, despite credit and liquidity support offered by various government programs to Peruvian households and small businesses. Interbank's large base of granular, low-cost deposits and ample liquidity, and its well-established market position as a retail lender ensures ample net interest margins.

The exposure of Interbank to environmental and social risks is low and moderate, respectively, consistent with our general assessment for the global banking sector. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Moody's does not have any particular concerns with the governance of Interbank. The bank exhibits an appropriate risk management framework commensurate with its risk appetite.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Interbank's subordinated debt rating could face upward pressure if its baa2 adjusted BCA were to be upgraded. Given Moody's economic outlook for Peru in 2020, improvements in asset risk or capitalization, while maintaining elevated profitability, that would put upward pressure on the bank's adjusted BCA are less likely over the next 12-18 months.

Conversely, Interbank's ratings and assessments could face downward pressures if the bank experiences a material deterioration in its asset quality or if its capitalization weakens significantly. A relevant and sustained decline in profitability, which prevents capital replenishment over the medium term, could also have negative ratings implications.

The principal methodology used in this rating was Banks Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1147865. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

This rating is solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

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Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Felipe Carvallo
VP - Senior Credit Officer
Financial Institutions Group
Moody's de Mexico S.A. de C.V
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No. 405 - 502
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Mexico
JOURNALISTS: 1 888 779 5833
Client Service: 1 212 553 1653

M. Celina Vansetti-Hutchins
MD - Banking
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
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U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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