PERÚ Ministry of Economy and Finance
SMV
Superintendency of the Market in Securities

"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

Miraflores, 27 May 2024

CIRCULAR No. 179-2024-SMV/11.1

Gentlemen
Risk Rating Companies
Present.-

Ref.: File No. 2024023636

I address you in relation to the obligations held by the Risk Rating Companies (hereinafter, ECR) registered in the Public Registry of the Securities Market – RPMV of the Superintendency of the Securities Market – SMV, referring to the permanent surveillance and updating of the risk ratings granted to publicly offered debt securities issued by issuers, established in article 279 of the Single Ordered Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF, and in article 25 of the Regulation of Risk Rating Companies, approved by SMV Resolution No. 032- 2015-SMV/01 and its amendments (hereinafter, ECR Regulation).

In this regard, within the framework of the preventive administrative activities being carried out by the General Superintendency of Conduct Supervision – IGSC, your represented entity is reminded of the obligation established in article 25, numeral 25.3, subparagraph 25.3.11, of the ECR Regulation, referring to the submission of the respective reports2 updating the risk rating using the audited annual financial information corresponding to fiscal year 2023 to the SMV, whose deadline is 31 May 2024.

Without prejudice to the foregoing, your represented entity must act with due diligence to request from the issuer and become aware of all relevant information that allows it to comply with its duty of permanent surveillance; furthermore, if it becomes aware of any circumstance or if any fact occurs that

[1] «Article 25.- First classification, updating and surveillance of the classification (…) 25.3 After the first classification of the publicly offered debt security, and within the framework of the obligation to permanently monitor each risk rating granted, the Rating Company must update the rating report at least twice (2) a year, by issuing the respective risk rating update reports, in accordance with the following scheme: 25.3.1. Using the audited annual financial information, with the deadline for submission and publication of this report being 31 May of each year. (…).»

[2] The rating report must observe the minimum content indicated in Annex 5 of the ECR Regulation

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due to their characteristics may modify the previously granted classification, it must rule on the classification in a timely manner, in accordance with the provisions of article 253, numerals 1 and 4 of the ECR Regulation.

In this sense, your represented entity must send the aforementioned updates of the risk rating reports, through the MVNet System, in the option «Information Obligations», followed by «General Communications» and in the section «Modification of Information of Securities by Primary Public Offering – Risk Rating Reports» select the issuer, for the registration of the corresponding data. Likewise, it must be taken into account that, in the event your represented entity does not find the name of the securities and/or issuance programs for which it will update the risk rating report, it must coordinate with the issuer so that it updates the name of your represented entity, through the MVNet System, in the option «Information Obligations», followed by «General Communications», section «Information of securities by Primary Public Offering – 2. Change of Risk Rating Company Assignment», this prior to the submission of the respective report.

Similarly, it is pertinent to note that the ECR, on the same date of the issuance of the risk rating report, in addition to its submission to the SMV, must proceed with its publication in the list of ratings through its website4 and with the submission of the referred report to the issuer of the corresponding securities, by virtue of the provisions of article 32, numeral 32.35, of the ECR Regulation.

Finally, it should be noted that this circular does not require a response from your represented entity; as well as that said document is of a preventive and referential nature, so it does not exempt your represented entity from its responsibility to know and observe the securities market regulations and to fully comply with its corresponding information submission obligations.

[3] «Article 25.- First classification, updating and surveillance of the classification (…) 25.1. It is the obligation of the Rating Company to permanently monitor each risk rating granted to publicly offered debt securities, in accordance with the provisions of articles 280 and 290 of the LMV. The Rating Company must act with due diligence to request from the Issuer and become aware of all relevant information to comply with said obligation. (..) 25.4. In the event that the Rating Company becomes aware of any circumstance or if any fact occurs that due to its characteristics may modify the previously granted classification, it must act with the necessary timeliness and diligence, proceeding to issue the respective ruling on the classification. (…).»

[4] In accordance with the formats established in Annex 8 of the ECR Regulation.

[5] «Article 32.- First classification, updating and monitoring of the classification (…) 32.3 On the same date of the issuance of the classification report, the Classifier shall proceed with its publication in the list of classifications, referred to in numeral 33.2 of article 33 of the Regulation, its remittance to the Issuer and to the SMV. (…).»

Electronic document digitally signed within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulation and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

A v . S a n t a C r uz 3 1 5
M i r a f l or es
C en t r a l : 6 1 0 - 6300 www.smv.gob.pe

Without any other particular, I remain at your service.

Sincerely,

Reason:

Signed by: GODOS GARCIA Alix Fernando

Alix Godos
General Superintendent
General Superintendence of Conduct Supervision

Electronic document digitally signed within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulation and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml