Business Context and Reporting Period
This Form 6-K filing by Intercorp Financial Services Inc. (IFS) is dated April 21, 2020. The report discloses a material event concerning credit rating actions taken by Fitch Ratings regarding IFS and its subsidiary, Banco Internacional del Peru S.A.A. (Interbank).
Key Financial Metrics
The filing does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt levels, or liquidity ratios. The document focuses exclusively on credit rating adjustments.
Material Changes
- Outlook Revision: Fitch revised the outlook for both IFS and Interbank from "stable" to "negative" due to increased downside risks from the economic implications of the coronavirus pandemic.
- Rating Affirmations:
- IFS Long-term rating affirmed at BBB-; Short-term rating affirmed at F3.
- Interbank Long-term rating affirmed at BBB; Short-term rating affirmed at F3.
- Rating Downgrade: Fitch downgraded Interbank's subordinated long-term rating from BBB- to BB+.
Guidance, Outlook, and Risks
Management commentary is limited to the notification of the rating agency's actions. The primary risk identified is the economic impact of the coronavirus pandemic, which prompted the negative outlook revision. No specific financial guidance or future projections are included in this filing.
Investor Verification Checklist
- Verify the impact of the negative outlook on IFS's cost of borrowing and access to capital markets.
- Review the specific downgrade of Interbank's subordinated debt to BB+ and its implications for bondholders.
- Monitor subsequent filings for quantitative data on how the pandemic has affected loan portfolios and liquidity.
- Confirm if the negative outlook applies to other subsidiaries within the Intercorp group.