Banco de la Nación: Update to credit analysis

Banco de la Nacion: Update to credit analysis - Credit Opinion – 2024/03/25 – US$ 250.00 – ...Banco de la Naci=n's (Banco Naci=n) Baa1/P-2 long- and short-term local- and foreign- currency deposit ratings incorporate our assessment that the bank is effectively backed by the Government of Peru (Baa1 negative), given its key role as the government's financial agent. Banco Naci=n's deposit ratings are determined by its Baseline Credit Assessment (BCA) of baa2, and our assessment of government support leads to one notch of uplift to its Baa1 deposit rating. Banco Naci=n's BCA reflects the bank's preferential access to a large base of inexpensive, although highly concentrated, judicial and administrative deposits related to the government and public companies, and high holdings of liquid assets. We also take into consideration the bank's ample capitalization and high core earnings generation. At the same time, the banks' disciplined risk management and high loan loss reserves help to mitigate risks arising from its vulnerability to political interference, which is embedded in its public...

Banco de la Nacion: Banco Nación's increased exposure to PetroPerú is credit negative - Issuer Comment – 2024/03/01 – US$ 200.00 – ...On 27 February, the Government of Peru (Baa1 negative) announced a financial aid package for Petr=leos del Per· - Petroper· S.A. comprising $1.3 billion in state-guarantees for short- term financing provided by Banco de la Naci=n (Banco Naci=n, Baa1 negative, baa2...

Banco de la Nacion: Update to credit analysis following ratings affirmation - Credit Opinion – 2023/02/09 – US$ 250.00 – ...Banco de la Naci=n's (Banco Naci=n) Baa1/P-2 long- and short-term local- and foreign- currency deposit ratings incorporate our assessment that the bank is effectively backed by the Government of Peru (Baa1 negative), given its key role as its financial agent. The ratings also incorporate the bank's low asset risks and preferential access to a large base of inexpensive, although highly concentrated, judicial and administrative deposits related to the government and high holdings of liquid assets. We also took into consideration the bank's ample capitalization and high core earnings generation. Banco Naci=n's deposit ratings are determined by its BCA of baa2 and our assessment that it would receive support in times of stress from its owner, the Peruvian government. Our assessment of government support leads to one notch of uplift from the bank's baa2 BCA to Baa1 deposit rating....

Banco de la Nacion: Update to credit analysis - Credit Opinion – 2022/06/28 – US$ 250.00 – ...Banco de la Naci=n's (Banco Naci=n) Baa1/P-2 long- and short-term local- and foreign- currency deposit ratingsincorporate our assessment that the bank is effectively backed by the Government of Peru (Baa1 stable), given its key role as its financial agent. The ratings also incorporate the bank's low asset risks and preferential access to a large base of inexpensive, although highly concentrated, judicial and administrative deposits related to the government and high holdings of liquid assets. We also took into consideration the bank's ample capitalization and high core earnings generation. Banco Naci=n's deposit ratings are determined by its BCA of baa2 and our assessment that it would receive support in times of stress from its owner, the Peruvian government. Our assessment of government support leads to one notch of uplift from the bank's baa2 BCA to Baa1 deposit rating....

Banco de la Nación: Update following rating downgrade, outlook changed to stable - Credit Opinion – 2021/09/07 – US$ 250.00 – ...On 2 September 2021, we downgraded Banco de la Naci=n's deposit ratings to Baa1, from A3, in line with the downgrade of the Government of Peru's sovereign bond rating to Baa1, incorporating the bank's full ownership by the Peruvian Ministry of Economy and Finance, and its policy mandate as the financial agent of Peru's national, regional and local administrations, as well as of government-owned enterprises. Our assessment of Banco de la Naci=n as a government-backed bank results in a one-notch uplift from its standalone Baseline Credit Assessment (BCA) of baa2. On the same date, we affirmed Banco de la Naci=n's baa2 BCA, reflecting the bank's low asset risks and preferential access to a large base of inexpensive, although highly concentrated, judicial and administrative deposits related to the government and high holdings of liquid assets. We also took into consideration the bank's ample capitalization and high core earnings generation. The outlook was changed to stable from negative, in...

Banco de la Nación: Legislative amendments allowing Banco de la Nación to carry out full commercial activities are credit positive - Issuer Comment – 2021/06/16 – US$ 200.00 – ...On 11 June, Peru's (A3 negative) Congress approved modifications to the country's Law of the Financial System, the Law of the Insurance System and the Organic Law of the Bank Regulator that will allow Banco de la Naci=n (A3 negative, baa2...

Banco de la Nación: Update to credit analysis following ratings affirmation, outlook changed to negative - Credit Opinion – 2021/05/28 – US$ 250.00 – ...On 25 May 2021, we affirmed Banco de la Naci=n's A3/P-2 long- and short-term local- and foreign-currency deposit ratings in line with our assessment of the bank as government- backed by the Government of Peru (A3 negative) because of its ownership by the Peruvian Ministry of Economy and Finance and role as the financial agent for Peruvian government. Our affirmation of ratings also took into consideration that Banco de la Naci=n's baa2 baseline credit assessment will continue to benefit from low assets risks, strong profitability, high holdings of liquid assets, and ample capitalization, that offset the risks stemming from a highly concentrated deposit funding mix, limited business diversification, and a performance that is tied to the policies of the national government. We nevertheless on that same date changed the outlook on the bank's ratings to negative, from stable, because the outlook change on the A3 sovereign ratings of the Government of Peru, in line with our expectation that...