Intercorp Financial Services Inc.has recently announced the acquisition of Sura's insurance and mortgage business in Peru, which should increase the IFS subsidiaries' market share in retirement annuities


  • Peru-based non-operating holding company, IFS, has a prominent business position in the domestic financial system through its subsidiaries in the banking, insurance, and wealth management businesses.
  • Moreover, the company has recently announced the acquisition of Sura's insurance and mortgage business in Peru, which should increase the IFS subsidiaries' market share in retirement annuities and individual life insurance operations.
  • We are assigning our 'BBB-' long-term and 'A-3' short-term issuer credit ratings on the company.
  • The stable outlook on IFS reflects the outlook on that of its main operating subsidiary, Peru-based universal bank, Banco Internacional del Peru-Interbank, and our expectation that IFS's subsidiaries will maintain healthy profitability metrics and continue to upstream dividends to the parent to service its financial obligations.


The ratings on IFS are one notch below the group credit profile (GCP) due to 
the holding company's dependence on the subsidiaries' dividend upstream to 
service debt. Our analysis reflects IFS's status as a non-operating holding 
company of Intercorp Peru Ltd.'s (BBB-/Stable/--) financial services 
businesses in Peru. The group comprises of Interbank, Interseguro, and 
Inteligo, which are all incorporated in our GCP analysis. In addition, the GCP 
excludes uplift for potential extraordinary government support, given that we 
don't expect that such support, reflected in the ratings on the bank, would be 
extended to IFS.