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Rating Action:

Moody's rates Scotiabank Peru D+ for financial strength, Baa1 for local currency deposits

21 Sep 2012

New York, September 21, 2012 -- Moody's Investors Service has today assigned a standalone bank financial strength rating (BFSR) of D+ and baseline credit assessment (BCA) of baa3 to Scotiabank Peru. Moody's has also assigned the bank Baa1 and Prime-2 long and short term local currency deposit ratings, with a stable outlook. Baa2 and Prime-2 long and short term foreign currency deposit ratings were also assigned to the bank, with a positive outlook on the long term rating.

The following ratings were assigned to Scotiabank Peru:

Bank financial strength rating: D+, stable

Long term global local currency deposit rating: Baa1, stable

Short term global local currency deposit rating: Prime-2

Long term foreign currency deposit rating: Baa2, positive outlook

Short term foreign currency deposit rating: Prime-2

RATINGS RATIONALE

Moody's said the D+ BFSR and baa3 stand alone ratings assigned to Scotiabank Peru reflect the bank's diverse and well positioned franchise as the third largest bank in Peru, with 15% and 13% overall market shares in loans and deposits, as well as a solid footprint covering large and medium-sized companies, individuals and small businesses, the latter two segments being developed also through its specialized consumer finance subsidiary, CrediScotia. The ratings also take into account the bank's ample and growing core profitability, stable funding structure, and well managed asset quality.

Among the challenges facing Scotiabank Peru are maintaining its good profit margins amid heavy and intensifying competition from both large and medium-sized banks across the spectrum of customer and product segments. Mitigating this risk in part is the bank's relatively low cost funding sourced from a strong local deposit franchise and access to bank credit lines, as well as the potential to access international capital markets by leveraging the Scotiabank brand. Competition nevertheless remains a challenge given the changing economics of banking in Peru that has already led to spread compression and heavy competition for low cost retail deposits. The bank's improving fee capture and competitive operating metrics, indicative however of a much smaller branch network than those of its competitors, should also help support the bank's future market positioning.

Scotiabank Peru's rapid loan growth, a function of the bank's strategy to further its market shares and take advantage of Peru's growing economy, also points to the potential for future asset quality deterioration particularly in light of its increasing emphasis on higher risk consumer, SME, and microfinance lending segments. Large single borrower concentrations, endemic to all the large banks, also pose a risk to asset quality and earnings, though these have been well managed so far. The bank's high quality capital, comprised entirely of common equity, should help shield the bank against sudden spikes in delinquencies and charge-offs. While the bank's Tier 1 ratio of 11.7% as of June 2012 exceeded the 11.1% average of those of its large peers, its total BIS ratio of 11.7% remained below the peer average of 14.9%.

Moody's explained that the Baa1 long term local currency deposit rating assigned to Scotiabank Peru benefits from two notches of uplift from its baa3 standalone credit assessment, reflecting Moody's assessment of a high probability of support from The Bank of Nova Scotia and anchored on the latter's B/aa3 standalone credit assessment. Moody's also assesses a moderate probability of systemic support for the bank if needed, given its important loan and deposit franchise. However, this assessment does not generate further rating uplift at this time. The Baa2 long term foreign currency deposit rating is constrained by the Peruvian country ceiling for deposits, and has a positive outlook in line with that of the ceiling.

Based in Lima, Scotiabank Peru reported consolidated assets of US$ 12.4 billion, loans of US$ 8.2 billion and shareholders' equity of US$ 1.6 billion as of June 30, 2012. The bank is 97.7% owned both directly and indirectly by The Bank of Nova Scotia.

The principal methodology used in these ratings was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, 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 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.

Information sources used to prepare the rating are the following : parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

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 the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

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

Maria Celina Vansetti-Hutchins
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 rates Scotiabank Peru D+ for financial strength, Baa1 for local currency deposits
No Related Data.
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