Moody's affirms Banco de la Nación and Scotiabank Peru's ratings with a negative outlook; Cofide affirmed with stable outlook

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...

Banco de la Nación: Update to credit analysis - Credit Opinion – 2021/02/25 – US$ 250.00 – ...Banco de la Naci=n's A3/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 (A3 stable), given its key role as its financial agent. The ratings also incorporate the bank's solid financial fundamentals, which are reflected in its Baseline Credit Assessment (BCA), including its strong profitability, high capital and still-low asset risks despite the coronavirus pandemic. The bank's ratings also benefit from its large holdings of liquid assets and its preferential access to a large base of inexpensive deposits. These strengths are partially offset by its lack of business diversification. Banco de la 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 two notches of uplift from the bank's baa2 BCA to reach the bank's A3 deposit...

Banco de la Nación: Update to credit analysis - Credit Opinion – 2020/08/25 – US$ 250.00 – ...Banco de la Naci=n's A3/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 (A3 stable), given its key role as its financial agent. The ratings also incorporate the bank's solid financial fundamentals, including its very strong profitability, high capital and low asset risks. The bank's ratings also benefit from its high holdings of liquid assets and preferential access to a large base of inexpensive deposits. These strengths are partially offset by its lack of business diversification. Banco de la Naci=n's deposit ratings are determined by (1) its Baseline Credit Assessment (BCA) of baa2; and (2) our assessment of support it would receive in times of stress from its owner, the Peruvian government, which is rated A3 stable. Our assessment of government support leads to two notches of uplift from the bank's baa2 BCA to reach the bank's A3 deposit rating....

Banco de la Nación: Update to credit analysis - Credit Opinion – 2020/02/20 – US$ 250.00 – ...Banco de la Naci=n's A3/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 (A3 stable), given its key role as the government's financial agent. The ratings also incorporate the bank's solid financial fundamentals, including its very strong profitability, high capital and low asset risks. The bank's ratings also benefit from its high holdings of liquid assets and preferential access to a large base of inexpensive deposits. These strengths are partially offset by its lack of business diversification. Banco de la Naci=n's deposit ratings are determined by (1) its Baseline Credit Assessment (BCA) of baa2; and (2) our assessment of support it would receive in times of stress from its owner, the Peruvian government, which is rated A3 stable. Our assessment of government support leads to two notches of uplift from the bank's baa2 BCA to reach the bank's A3 deposit rating....

Banco De La Nacion: Update to credit analysis - Credit Opinion – 2019/08/20 – US$ 250.00 – ...We maintain Banco De La Nacion's (Banco Nacion) A3/P-2 long- and short-term local- and foreign-currency deposit ratings, which incorporate our assessment that the bank is effectively backed by the Government of Peru (A3 stable), given its key role as the government's financial agent. The ratings also incorporate the bank's solid financial fundamentals, including its very strong profitability, strong capital and asset quality, ample liquidity, and preferential access to a large base of inexpensive deposits. These strengths are partially offset by its lack of business diversification. In accordance with our Banks rating methodology, Banco Nacion's deposit ratings are determined by (1) the bank's Baseline Credit Assessment (BCA) of baa2; and (2) the support it receives from its owner, the Peruvian government, which is rated A3 stable. Our assessment of government support for Banco Nacion leads to two notches of uplift from the entity's baa2 BCA to reach Banco Nacion's deposit rating of A3....

Banco De La Nacion: New Issuer - Credit Opinion – 2019/02/20 – US$ 250.00 – ...Moody's assigns Banco de la Nacion (Banco Nacion) A3/P-2 long and short term local and foreign currency deposit ratings which incorporate Moody¦s assessment that the bank is effectively backed by the Peruvian government's given its key role as the government ¦s financial agent. The rating also incorporates the bank¦s solid financial fundamentals, including very strong profitability, strong capital and asset quality, ample liquidity, and preferential access to a large base of inexpensive deposit funding, strengths that are partially offset by its lack of business diversification. In accordance with Moody's Banks rating methodology, Banco Nacion's deposit ratings are determined by (i) the institution's baseline credit assessment (BCA) of baa2, and (ii) the incorporation of support from its owner, the Peruvian Government, rated A3 stable. Moody's assessment of Banco Nacion as government-backed leads to two-notches of uplift from the entity's baa2 BCA to the reach Banco Nacion's deposit rating...