Fitch Ratings upgraded Intercorp Financial Services Inc.'s (IFS) Long-Term Issuer Default Ratings (IDRs) and senior unsecured debt rating to 'BBB' from 'BBB-'. This upgrade, effective June 12, 2025, also affirmed a stable outlook for the company. The new rating is now equalized with the IDRs of its main operating subsidiary, Banco Internacional del Peru S.A.A. (Interbank).
The rating equalization reflects the holding company's low double leverage, which stood at 106.4% at year-end 2024, and its prudent liquidity management. Fitch noted the absence of regulatory limitations on upstreaming dividends from Interbank to IFS and the company's good access to capital markets.
IFS's financial profile is deemed adequate, benefiting from its subsidiaries' profitability, which allows for consistent dividend flows. The return on total assets improved to 1.9% as of Q1 2025, up from 0.6% at Q1 2024. Fitch expects Interbank's profitability to remain sound in 2025, supported by improved income, a strong net interest margin, and reduced cost of risk.
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