S&P Global Ratings on Oct. 18 upgraded the long-term issuer credit ratings of Banco de Crédito del Perú and its subsidiary Mibanco Banco de la Microempresa SA to BBB+/A-2 from BBB/A-2.

The rating agency also revised Banco de Crédito del Perú's stand-alone credit profile to "bbb+" from "bbb." The outlook on both entities is stable.

The ratings upgrade was driven by the bank's stronger capitalization due to sound internal capital generation, along with the maintenance of solid asset quality metrics, the rating agency noted.

Banco de Crédito del Perú's issuer credit ratings continue to reflect its leading position in almost all the business lines in which it operates, its 36% market share in loans when including MiBanco, its 11% projected risk-adjusted ratio for the next 18 to 24 months and a diversified and stable funding profile. The bank also has sufficient liquidity coverage, S&P said.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.