Peru-based universal bank, BCP, has maintained its predominant and leading market position in the highly concentrated Peruvian banking system. Despite asset quality deterioration, expected credit losses levels will remain manageable and within the system's average, in our view. We are affirming our 'BBB+' long-term and 'A-2' short-term issuer credit ratings on the bank. The stable outlook is based on our expectation that BCP will maintain its strong market presence in almost all the business lines in which it operates with adequate risk-adjusted capitalization. On July 8, 2014, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term and 'A-2' short-term issuer credit ratings on Banco de Credito del Peru (BCP). The outlook is stable. At the same time we affirmed all
