S&P: Various Rating Actions Taken On Seven Peruvian Banks

BUENOS AIRES (Standard & Poor's) Sept. 5, 2011--Standard & Poor's Ratings Services said today that it has raised the ratings on four Peruvian banks and affirmed the ratings on other two banks after we raised the foreign currency sovereign rating on the Republic of Peru on Aug. 30, 2011. The upgrade on the sovereign foreign currency credit rating on Peru to 'BBB' from 'BBB-' reflects our expectations that broad fiscal and monetary policy continuity under Peruvian President Ollanta Humala's new government will support stronger economic policy flexibility and growth.

We believe that stronger economic growth has positive implications for the Peruvian banking system and should allow Peruvian banks to continue improving its financial profile.

For that reason, we are upgrading the ratings on Peru's three largest banks -- Banco de Credito del Peru, Banco Continental S.A, and Scotiabank Peru -- to 'BBB' from 'BBB-'. The outlook on the three banks is stable. We are also upgrading the rating on Corporacion Financiera de Desarrollo S.A. to 'BBB' from 'BBB. While the stand alone credit profile on Cofide remains unchanged, the upgrade reflects the higher foreign currency rating on the Republic of Peru. The ratings on Banco Internacional del Peru (BBB-/Stable) and n MiBanco, Banco de la Microempresa S.A. (BB+/Stable/B) remain unchanged.

RELATED CRITERIA AND RESEARCH

-- Republic of Peru Long-Term Foreign Currency Rating Raised To 'BBB'; Outlook Is Stable, Aug. 30, 2011

-- Bank Rating Analysis Methodology Profile, March 18, 2004

RATING LIST

To From

Scotiabank Peru S.A.A.

BBB BBB-

Banco de Credito del Peru

BBB BBB-

Banco Continental S.A.

BBB BBB-

Corporacion Financiera de Desarrollo S.A.

BBB BBB- Banco Internacional del Peru S.A.

BBB- BBB-

MiBanco, Banco de la Microempresa S.A.

BB+ BB+