...On 2 September 2021, we downgraded Banco de la Naci=n's deposit ratings to Baa1, from A3, in line with the downgrade of the Government of Peru's sovereign bond rating to Baa1, incorporating the bank's full ownership by the Peruvian Ministry of Economy and Finance, and its policy mandate as the financial agent of Peru's national, regional and local administrations, as well as of government-owned enterprises. Our assessment of Banco de la Naci=n as a government-backed bank results in a one-notch uplift from its standalone Baseline Credit Assessment (BCA) of baa2. On the same date, we affirmed Banco de la Naci=n's baa2 BCA, reflecting the bank's low asset risks and preferential access to a large base of inexpensive, although highly concentrated, judicial and administrative deposits related to the government and high holdings of liquid assets. We also took into consideration the bank's ample capitalization and high core earnings generation. The outlook was changed to stable from negative, in...