Strong business position in the Peruvian financial system given that it's the largest bank in the country with a diversified business mix; Solid operating performance and track record in Peru; and Systemically important bank in the Peruvian banking system. Very difficult economic conditions due to the pandemic; and Low per capita income weakens Peru's economic resilience and limits debt capacity. The negative outlook on Banco de Credito del Peru (BCP) incorporates the impact of a negative trend in the economic risk in our Banking Industry Country Risk Assessment (BICRA) of Peru, and already tight capitalization metrics. In the next 24 months, we could raise the industry's economic risk if credit losses widen more than expected, or if the economic recovery
