Leader in the microfinance sector; Strong capital and earnings; and Strong risk management capabilities. Increasing competitive pressures in the Peruvian financial system; Asset quality indicators that compare negatively with the Peruvian banking system; and Challenge to maintain margins given its higher cost funding and increasing competition. Standard&Poor's Ratings Services' ratings on MiBanco, Banco de La Microempresa S.A. reflect the bank's "adequate" business position, "strong" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity, all as defined in our criteria. Our bank criteria use our Banking Industry Country Risk Assessment (BICRA) economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating. Our anchor for a commercial bank
