Fitch Expects to Rate Scotiabank Peru S.A.A.'s Subordinated Notes 'BBB+'

  Fitch Expects to Rate Scotiabank Peru S.A.A.'s Subordinated Notes 'BBB+'

Business Wire

NEW YORK -- December 04, 2012

Fitch Ratings expects to assign a 'BBB+(exp)' rating to Scotiabank Peru
S.A.A.'s (SBP) upcoming 15-year U.S. dollar subordinated notes. The final
rating is contingent upon the receipt of final documents conforming to
information already received. A list of SBP's current ratings follows at the
end of this press release.

The notes (for an amount to be determined) will mature in 15 years and are not
callable for the first 10 years. Interest payments will be made semi-annually
for the first 10 years and quarterly from year 11 until maturity. The notes
will carry a fixed interest rate to be set at time of issuance for the first
10 years and a LIBOR-based floating rate starting on year 11.

SBP has a long-term local currency Issuer Default Rating (IDR) of 'A' and a
long-term foreign currency IDR of 'BBB+'; the latter is constrained by Peru's
country ceiling. The notes rank junior to SBP's senior unsecured debt and will
be structurally subordinated to the existing and future obligations of SBP's
subsidiaries - including trade payables - and to labor, tax and other
obligations that are privileged by law. The notes will rank pari-passu with
all of SBP's existing and future subordinated debt and will be senior to SBP's
Tier I capital instruments.

As the coupons are not deferrable, the notes do not achieve any equity credit
and are deemed debt following Fitch's criteria. The notes are rated 'BBB+',
two notches below SBP's unconstrained long term local currency rating; the
notching reflects the subordinated nature of the notes and the country ceiling
constraint.

SBP will use the proceeds from the planned issue for general corporate
purposes. Fitch currently rates SBP as follows:

--Long-term foreign currency Issuer Default Rating (IDR) 'BBB+'; Outlook
Stable;

--Short-term foreign currency IDR 'F2';

--Long-term local currency IDR 'A'; Outlook Stable;

--Short-term local currency IDR 'F1';

--Viability rating 'bbb+';

--Support rating '2';

--Subordinated debt 'BBB+(exp)'

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Aug. 15, 2012);

--'Treatment of Hybrids in Bank Capital Analysis' (July 9, 2012);

--'Rating Bank Regulatory Capital and Similar Securities' (Dec. 15, 2011).

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

Treatment of Hybrids in Bank Capital Analysis

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=682453

Rating Bank Regulatory Capital and Similar Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656371

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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
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Contact:

Fitch Ratings
Primary Analyst
Diego Alcazar, +1-212-908-0396
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Larisa Arteaga, + 809 563 2481
Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com