January 22, 2013 / 4:52 PM / 5 years ago

TEXT-Fitch rates Fondo Mivivienda senior notes 'BBB(exp)'

Jan 22 - Fitch Ratings assigns an expected long-term foreign currency rating
of 'BBB(exp)' to Fondo Mivivenda S.A.'s (FMV) Senior unsecured fixed rate notes
due 2023. The rating is contingent upon the receipt of final documents
conforming to information already received. The expected rating assigned to
FMV's new debt issuance correspond to the entity's long-term Issuer Default
Rating (IDR) and ranks equal to other senior unsecured debt.

The notes - for a benchmark size to be determined subject to market conditions -
will mature in 2023 and will carry a fixed interest rate to be set at the time
of issuance.

FMV's IDRs reflect the support it would receive from its owner, the Republic of
Peru, should it be required. Peru's ability to support FMV is reflected in its
sovereign rating ('BBB'/Stable Outlook). Fitch believes the government has a
vested in interest in supporting FMV given the company's key role in
implementing economic development policies. This underpins FMV's support and
support floor ratings.

Fitch currently rates FMV as follows:

--Foreign currency long-term IDR 'BBB'; Outlook Stable;
--Foreign currency short-term IDRs 'F2';
--Local currency long-term IDR 'BBB+'; Outlook Stable;
--Local currency short-term IDRs 'F2';
--Support rating '2';
--Support rating floor 'BBB'.

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).

Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria

Our Standards:The Thomson Reuters Trust Principles.
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