Scotiabank Peru Gets Fitch Upgrade

Scotiabank Peru (SBP) saw its local currency long-term rating raised to A minus from BBB+ by Fitch. Meanwhile, the ratings agency maintains the bank’s foreign currency rating of BBB. The move reflects the bank’s strengthened franchise, adequate reserve coverage, improving capital and sufficient liquidity. The foreign currency rating is constrained by the ceiling on the sovereign’s rating of BBB minus with a positive outlook. SBP would be upgraded in the event of a sovereign upgrade, according to the ratings agency.