This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Very high likelihood of government support in times of distress, given key role as government agent promoting economic development and strong relationship with government Concentrations by customer and sector, which makes the business, capital, and asset quality metrics volatile Access to long-term funding in both local and international markets, which mitigates funding concentration risks Still-high equity exposure in investment book generates high risk charges in our risk-based capital model COFIDE is the Peruvian government's arm in promoting economic development through financing micro, small, and midsize enterprises (MSMEs); productive economic sectors; and large infrastructure
