Following our review of Mibanco under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we are raising our long-term issuer credit rating on the bank two notches, to 'BBB' from 'BB+', and raising our short-term rating to 'A-3' from 'B'. The outlook is stable. Our ratings reflect the bank's adequate business position, strong capital and earnings, adequate risk position, average funding, and adequate liquidity. Despite increased competition locally, we expect Mibanco to continue consolidating its market position, especially in microfinance. As we previously announced, on Dec. 13, 2011, Standard&Poor's Ratings Services raised its long-term issuer credit rating on Mibanco Banco de la Microempresa S.A. two notches, to 'BBB' from 'BB+', and raised its short-term rating
