We consider MiBanco to be a core subsidiary of Banco de Credito del Peru (BCP), a major bank in Peru. MiBanco remains the leading bank in Peru's microfinance lending segment. The bank's asset quality and profitability are improving despite softer economic conditions. We're affirming our 'BBB/Stable/A-2' issuer credit ratings on MiBanco. The stable outlook on MiBanco reflects the stable outlook on BCP, and our view that MiBanco will remain BCP's core subsidiary for developing microfinance business in Peru. On Oct. 10, 2016, S&P Global Ratings affirmed its 'BBB/A-2' issuer credit ratings on MiBanco, Banco de La Microempresa S.A. The outlook remains stable. The issuer credit rating on MiBanco reflects its status as a core subsidiary of BCP (BBB/Stable/A-2), given that
