OREANDA-NEWS. Fitch Ratings affirms all outstanding series issued by CCR Inc. MT-100 Payment Rights Master Trust (Banco de Credito del Peru), Continental DPR Finance Company (BBVA-Banco Continental) and SBP DPR Finance Company (Scotiabank Peru S.A.A.) at 'A+'/Outlook Stable. A full list of rating actions follows at the end of this press release.

The transactions are backed by collections generated from future and existing diversified payment rights (DPRs) originated by Banco de Credito del Peru (BCP), BBVA Banco Continental (BBVA Continental), and Scotiabank Peru S.A.A (SBP), respectively. DPRs refer to electronic payment orders intended for payment to third-party beneficiaries mostly related to export payments, capital flows and worker remittances.

KEY RATING DRIVERS

CCR Inc. MT-100 Payment Rights Master Trust (Banco de Credito del Peru)
The rating actions reflect: (i) BCP's credit quality and ongoing performance risk; (ii) the DPR program's strength; (iii) the relatively small size of bank future flow debt; and (iv) Peruvian sovereign stability.

On May 21, 2015, Fitch affirmed BCP's Issuer Default Ratings (IDRs) and viability rating (VR) at 'A-' and 'a-', respectively. Based on its position as the largest bank in the Peruvian financial system and associated role in the Peruvian economy, Fitch views the bank's DPR business line and performance risk consistent with a GCA score of 'GC1'.

Flows through designated depository banks (DDBs) supported a robust average maximum monthly debt service coverage ratio (DSCR) of 130.4x in 2014. Fitch's maximum monthly DSCR considers DDB flows and the maximum monthly debt service during the life of the program.

As of April 2015, the outstanding balance of the program is \$631.1 million, just 1.78% of the bank's total liabilities.

Continental DPR Finance Company (BBVA-Banco Continental)
The rating actions reflect: (i) BBVA Continental's credit quality and ongoing performance risk; (ii) the strong DPR program performance; (iii) the small level of future flow debt relative to total bank liabilities; and (iv) sovereign stability.

On May 21, 2015, Fitch affirmed BBVA Continental's VR and IDRs at 'a-' and 'A-', respectively. Based on its position as the second largest bank in the Peruvian financial system and associated role in the Peruvian economy, Fitch views the bank's DPR business line and performance risk consistent with a GCA score of 'GC1'.

Growing DDB flows supported an average maximum quarterly DSCR of around 110.0x in 2014. Fitch's quarterly DSCR considers average quarterly DDB flows and maximum quarterly debt service during the life of the program.

As of April 2015, the outstanding balance of the program is \$321.3 million, only 1.67% of total bank liabilities.

SBP DPR Finance Company (Scotiabank Peru S.A.A.)
The rating actions reflect: (i) SBP's credit quality and ongoing performance risk; (ii) the strong DPR program performance; (iii) the small level of future flow debt relative to total bank liabilities; and (iv) sovereign stability.

On May 21, 2014, Fitch affirmed SBP's FC and LC IDRs at 'A-'/ 'A+' and its VR at 'bbb+' with a Stable Outlook. While the GCA score of 'GC1' could allow for the transaction to be rated higher than the LC IDR assigned to the bank, Fitch limits this rating differential for higher rated investment grade entities. Additionally, Fitch considers the VR of the bank when determining notching differential for entities with significant parental support. The transaction's structural characteristics allow for the rating of the DPR program to be rated two notches higher than the bank's FC IDR of 'A-'.

Fitch's maximum quarterly DSCR, which considers DDB flows and maximum quarterly debt service through the life of the program, averaged 107.0x in 2014.

As of April 2015, the outstanding balance of the program is \$170.7 million, just 1.2% of bank liabilities.

RATING SENSITIVITIES
The transactions are sensitive to changes in the credit quality of the sponsor banks, the performance of the DPR business lines, and changes in the sovereign environment. DPR flows are highly linked to Peru's economic activity, which depends greatly on commodity exports, namely those related to mining.

DUE DILIGENCE USAGE
No third party due diligence was provided in relation to this rating action.

Fitch has affirmed the following ratings:

CCR Inc. MT-100 Payment Rights Master Trust
--Series 2006-A notes at 'A+'; Outlook Stable;
--Series 2008-A notes at 'A+'; Outlook Stable;
--Series 2008-B notes at 'A+'; Outlook Stable;
--Series 2010-B notes at 'A+'; Outlook Stable;
--Series 2010-C notes at 'A+'; Outlook Stable;
--Series 2012-A notes at 'A+'; Outlook Stable;
--Series 2012-B notes at 'A+'; Outlook Stable;
--Series 2012-C notes at 'A+'; Outlook Stable.

Continental DPR Finance Company
--Series 2008-A notes at 'A+'; Outlook Stable;
--Series 2010-A loans at 'A+'; Outlook Stable;
--Series 2012-A notes at 'A+'; Outlook Stable;
--Series 2012-B notes at 'A+'; Outlook Stable;
--Series 2012-C notes at 'A+'; Outlook Stable;
--Series 2012-D notes at 'A+'; Outlook Stable.

SBP DPR Finance Company
--Series 2010-A notes at 'A+'; Outlook Stable;
--Series 2010-B notes at 'A+'; Outlook Stable;
--Series 2010-C loans at 'A+'; Outlook Stable;
--Series 2010-D loans at 'A+'; Outlook Stable;
--Series 2012-A loans at 'A+'; Outlook Stable.