Strong business position within the Peruvian banking system; Sound quality of earnings and earnings capacity; Good economic prospects in Peru that could underpin loan portfolio growth and financial performance. Although declining, still high dollarization in its balance sheet; High competitive pressures in the Peruvian financial system. The positive outlook on Peruvian-based Banco de Credito del Peru (BCP) reflects that on the Republic of Peru. In this regard, if we were to upgrade the sovereign, we could raise the ratings on BCP, if its stand-alone credit profile (SACP) remains unchanged. We also expect the bank will maintain its leading market position within the Peruvian banking system as well as adequate capital and earnings to cope with our expected loan portfolio and
