December 4, 2012 / 5:43 PM / in 5 years

TEXT-Fitch expects to rate Scotiabank Peru notes 'BBB+'

Dec 4 - 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

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 ''. 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
Treatment of Hybrids in Bank Capital Analysis
Rating Bank Regulatory Capital and Similar Securities

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