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 Concentration in microlending, which tends to have higher-than-average sensitivity to economic cycles and credit losses Rising profitability above the average of the Peruvian banking system Recurrent political instability that harms Peru's capacity to address structural obstacles to improve social conditions Leading market position and long track record in the Peruvian microlending and small enterprises sector Mibanco -Banco de la Microempresa S.A.'s (Mibanco's) leading market position and improving economic prospects could drive steady credit growth and rising operating revenues. Mibanco
