...June 22, 2020 MEXICO CITY (S&P Global Ratings) June 22, 2020--S&P Global Ratings assigned its '###' issue-level rating to Banco de Credito del Peru's (BCP; ###+/Stable/A-2) proposed subordinated fixed-to-fixed rate notes due 2030 with call option in 2025. This issuance is part of an offer to purchase the existing notes due 2026 and 2027, which we view as an opportunistic liability management action, given that the bank is offering a higher than par and market value. The ratings on the notes are one notch below the '###+' stand-alone credit profile (SACP), reflecting contractual subordination. No other notching applies; given that the proposed debt is a non-deferrable instrument and doesn't have a mandatory contingent capital clause (the loss absorption capacity of the instrument is activated after the issuer's share capital has been depleted). In addition, we're giving minimal equity content because these notes--considered as Tier II by the Peruvian regulator--don't have characteristics...
