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 Tangible support from its parent, Banco de Credito del Peru, the country's largest bank in terms of assets. Peru's recurrent political woes, which could erode domestic business conditions. Leading market position, long track record, and expertise in the Peruvian microlending sector. Concentration in microlending, which tends to have higher-than-average exposure to economic credit cycles and losses. Sound capitalization and provisioning to cope with unexpected adverse scenarios. We expect Mibanco to expand its credit by 7%-8% in 2025-2026 in nominal terms, a normalization after the contraction of its loan portfolio the last two years.
