On Tuesday credit rating agency Standard & Poor\‘s raised the ratings of four Peruvian banks, only two weeks after they raised Peru’s foreign currency rating from BBB- to BBB.

"We believe that stronger economic growth in Peru has positive implications for the country\‘s banking system and should allow banks to continue improving its financial profile," said Standard & Poor\‘s in a statement.

S&P said that the increase in the rating reflects Peru\‘s recent increase in foreign currency rating. 

For that reason, S&P said it was raising the qualifications of the three largest banks in Peru: Banco de Credito del Peru (BCP), BBVA Banco Continental and Scotiabank Peru to BBB from BBB-.

The Development Finance Corporation (Cofide) also saw it’s rating raise to BBB from BBB-, although the individual credit profile of the lender\‘s second-tier rating remained unchanged.

Meanwhile, the ratings of Interbank (BBB-/ Stable) and Mibanco (BB + / Stable /B) remained unchanged.