Core subsidiary of Banco de Credito del Peru (BCP); Long track record and good market position in the Peruvian micro-lending sector; and Adequate risk-adjusted capitalization. Higher-than-average credit losses due to the challenging environment in the Peruvian microfinance sector; and Moderate diversification of business activities due to heavy emphasis on micro-lending. The issuer credit rating on MiBanco reflects its status as a "core" subsidiary of Banco de Credito del Peru (BCP; BBB/Stable/A-2) given that the former operates in lines of business integral to the overall group strategy while it accounted for 8.8% of the group's total assets as of September 2015. In addition, we believe that it's highly unlikely that MiBanco could be sold and there's strong commitment and support from
