Strong business position within the Peruvian financial system as the largest bank in the country; Sound operating performance and track record in Peru; and Adequate capitalization. Deteriorated asset quality industry-wide due to soft investor confidence in the country; and Still meaningful dollarization in the banking system. The stable outlook on Banco de Credito del Peru (BCP) over the next two years reflects our view that it will maintain its improved capitalization metrics, its leading position in Peru, and its sound operating performance. In addition, we expect that cases in the project finance industry would have a limited impact on BCP's asset quality metrics and losses. A downgrade is possible in the next 24 months if we think that BCP's risk-adjusted
