Fitch Rates BCP MT100

Fitch has assigned an A minus rating to a $150m MT100 from Peru’s Banco de Credito del Peru. The CCR Inc MT-100 Payment Rights Master Trust’s (CCR) 2008-B notes pay a floating coupon and come from a DPR program with approximately $1bn outstanding. The notes are backed by the collections generated from future and existing USD denominated DPRs originated by BCP. Coverage levels for the program are expected to be approximately 90x maximum quarterly debt service based on the recent volume of flows. “Fitch has stressed these coverage levels and believes that BCP’s current and future DPR business is adequate to support the rating of these future flow notes,” says the agency. BCP is the largest bank in Peru in terms of total assets, loans, deposits, and branch network. As of September, it had total assets of $20.8bn, or about 39% of the total banking system’s assets. Fitch rates BCP BBB minus with a positive outlook.