High likelihood of support from its majority shareholder, the Republic of Peru; Operates in a banking system with a strong track record of adequate regulation and good economic growth prospects; and Good business stability reinforced by its role in supporting Peru's crucial infrastructure needs. Concentrated business profile; and Higher-than-average external funding dependence, mitigated by the long-term nature of the funding. The stable outlook reflects that on the sovereign, as the ratings on COFIDE are limited by the rating on the sovereign, the bank's owner through FONAFE. The ratings on COFIDE will likely move in tandem with those on the sovereign, given the high likelihood of government support, as long as the bank maintains its SACP above 'bb+'. COFIDE's current SAP
