Fitch Expects to Rate Interbank's Upcoming Senior Unsecured Notes 'BBB-(exp)'

NEW YORK--(BUSINESS WIRE)--Fitch Ratings expects to assign a 'BBB-(exp)' rating to Banco Internacional del Peru's (Interbank) eight-year U.S. dollar senior unsecured fixed-rate notes. The rating is subject to the receipt of final documents.

The notes, for an amount to be determined, will be issued through Interbank's Panama branch. Principal will mature in eight years, and interest payments will be made semi-annually until maturity. The notes will carry a fixed interest rate of 5.75% and will be consolidated with Interbank's existing senior unsecured notes - USD400 million, issued on Oct. 7, 2010 - maturing in 2020.

Interbank has a Fitch long-term local currency Issuer Default Rating (IDR) of 'BBB-', and a long-term foreign currency IDR of 'BBB-'. The notes rank pari-passu with all of Interbank's existing and future senior unsecured debt and are senior to Interbank's existing and future subordinated and junior subordinated debt. The rating of the notes is sensitive to changes in Interbank's IDRs, which are driven by the bank's Viability rating ('bbb-') and have a Positive Rating Outlook.

Interbank will use the proceeds from the issue for general corporate purposes. Considering the bank's strong capital levels and its sound profitability, the impact on the bank's leverage is not deemed significant by Fitch.

Interbank's ratings are as follows:

--Long-term IDR 'BBB-'; Outlook Positive;

--Short-term IDR 'F3';

--Long-term local currency IDR 'BBB-'; Outlook Positive;

--Short-term local currency IDR 'F3';

--Viability rating 'bbb-';

--Support rating '3';

--Support rating floor 'BB'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Aug. 15, 2012);

--'Rating Bank Regulatory Capital and Similar Securities' (Dec. 15, 2011);

--'Treatment of Hybrids in Bank Capital Analysis' (July 09, 2012).

Applicable Criteria and Related Research:

What a Difference a Year Makes: Latin American Banks Review and Outlook 2010

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=499126

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547685

Peruvian Banks: Under Clear Skies (Review and Outlook)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=530505

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

Rating Bank Regulatory Capital and Similar Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656371

Treatment of Hybrids in Bank Capital Analysis

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=682453

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