We revised our Banking Industry Risk Assessment (BICRA) on Peru to group '5' from group '4'. We also revised the anchor for banks operating only in Peru to 'bbb-' from 'bbb' due to a higher economic risk in the country. We revised our economic risk score to '6' from '5'. We consider that economic resilience has weakened amid lower growth prospects. Trend on economic risk remains negative because we're still concerned that rapid credit growth could increase economic imbalances risk. As a result, we're lowering our ratings on five Peruvian banks. Also, we're affirming ratings on three banks. We're placing our rating on Banco Agropecuario on CreditWatch with negative implications until we evaluate the bank's potential mitigating factors to the
