High likelihood of support from its majority shareholder, the Republic of Peru; Maintenance of adequate capital and liquidity levels thanks to the ongoing support from its shareholder. High level of concentration in the country's infrastructure sector, which has been experiencing significant delays given the corruption investigation related to several concessions; Asset quality deterioration and increasing provisioning mainly driven by the infrastructure sector. The stable outlook on COFIDE for the next 18-24 months reflects that on the sovereign and our expectation that the bank will maintain its RAC slightly above 7% for the next two years and relatively sound business stability amid challenging conditions in the country's infrastructure investment plan. Our stable outlook also reflects our view that the government would
