We believe that Peru's stronger economic growth will benefit its banking system. Despite the improved economic environment, we are affirming our 'BB+/B' counterparty credit ratings on Mi Banco, as ratings are still constrained by a weaker market position than the system average and the bank's concentration in the microfinance segment. Despite higher competition, we expect Mi Banco to continue consolidating its market share, especially in the microfinance sector, while maintaining adequate asset quality and liquidity. On Sept 5, 2011, Standard&Poor's Ratings Services affirmed its 'BB+/B' counterparty credit rating on Peru-based bank MiBanco, Banco de la Microempresa S.A. (Mi Banco). The outlook remains stable. The affirmation follows the August 30 upgrade of Republic of Peru. The rating on Mi
