Strong group support as a core subsidiary to Banco de Credito del Peru (BCP; BBB+/Stable/A-2); Leading market position, a long track record, and expertise in its target market segment; the Peruvian micro-lending sector; and Recent and expected improving operating performance. Concentration in micro-lending, which tends to have higher-than-average credit losses; and Banking operations mostly based in Peru, which limits MiBanco's anchor and stand-alone credit profile (SACP). The stable outlook on MiBanco, Banco de La Microempresa S.A. (MiBanco) reflects that on BCP and our view that the bank will remain BCP's core subsidiary during the next two years. Additionally, the outlook mirrors that on our ratings on Peru, because the latter constrains our ratings on BCP and therefore on MiBanco. We
