S&P Raises Peru Banks

S&P has raised the ratings on four Peruvian banks following last week’s upgrade of the sovereign to BBB from BBB minus. The system’s three largest, Banco de Credito del Peru (BCP), BBVA Continental and Scotia Peru, were each lifted to BBB from BBB minus, with stable outlooks. The upgrade comes at a useful time for BCP, as it is finishing road shows this week for a possible cross-border bond, through Bank of America Merrill Lynch and Morgan Stanley. State-backed Corporacion Financiera de Desarrollo (Cofide), another with designs on a 144a deal before the end of the year, was also lifted to BBB.