Strong support from its ultimate parent, Banco de Credito del Peru (BCP; BBB+/Stable/A-2), which is the largest bank in Peru; Leadership, long track record, and expertise in its target market, the Peruvian microlending sector; and Sound operational performance with return on equity (ROE) consistently above 20% in recent years. Concentration in microlending business activities, which tends to have higher-than-average exposure to economic credit cycles and losses. 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. We could lower the ratings on MiBanco if we were to downgrade BCP or if we no longer consider the bank to be
