...April 21, 2025 MEXICO CITY (S&P Global Ratings) April 21, 2025--S&P Global Ratings today assigned its '##+' issue-level rating to Banco de Credito del Peru's (BCP; ###-/Stable/A-3) proposed subordinated 10.25-year (noncall 5) notes, subject to market conditions. We rate the notes one notch below the '###-' issuer credit rating on the bank (which is below its '###+' stand-alone credit profile) to reflect contractual subordination. The rating also incorporates that the notes are nondeferrable and don't have a mandatory contingent capital clause. In addition, we assign minimal equity content because these notes--considered as Tier II by the Peruvian financial regulator--don't have characteristics of going concern contingent capital. Therefore, we don't consider the instrument as loss-absorbing capital under our capital model. We believe that the notes would be subject to a possible write-down only in resolution. BCP will use the proceeds from the offering for general corporate purposes, including...
