Standard&Poor's Ratings Services' ratings on MiBanco, Banco de La Microempresa S.A. reflect the bank's "adequate" business position, "strong" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity, all as defined in our criteria. Our bank criteria use our Banking Industry Country Risk Assessment (BICRA) economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating. Our anchor for a commercial bank operating only in Peru is 'bbb'. Our economic risk score for Peru is '5', reflecting our opinion that economic improvements and the government's commitment to maintaining cautious fiscal policies and economic stability have strengthened its ability to withstand significant external shocks. In addition, the Peruvian economy
