Strong business position within the Peruvian financial system; Sound quality of earnings and earnings capacity; and Peru's good economic prospects will continue to support its credit growth in the coming years. Albeit declining, still high dollarization in its balance sheet; and Asset quality remains adequate but its increased penetration in the consumer segment and Peruvian currency depreciation could add pressures. The positive outlook on Peru-based bank Banco de Credito del Peru (BCP) reflects that of the sovereign. Consequently, if we were to upgrade the sovereign, we could raise the ratings on BCP, if its stand-alone credit profile (SACP) remained unchanged. Currently we expect BCP to maintain its solid and leading market position within the Peruvian financial system. We also expect
