Circular No. 248-2025

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Av. Paseo de la Republica 3617 San Isidro Central: 610 - 6300 www.smv.gob.pe Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations 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 San Isidro, May 07, 2025 CIRCULAR No. 248-2025-SMV/11.1 Gentlemen Risk Rating Agencies Present:- Ref.: File No. 2025019456 I address you regarding the obligations that Risk Rating Agencies (hereinafter, ECR) registered in the Public Registry of the Securities Market – RPMV of the Securities Market Superintendence – SMV maintain, regarding permanent surveillance and updating of the risk classifications granted to debt securities representing public offerings issued by issuers, established in Article 279 of the Single Text of the Order 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 Agencies, approved by SMV Resolution No. 032- 2015-SMV/01 and its amendments (hereinafter, ECR Regulation).

Regarding this, within the framework of the administrative activities of a preventive nature being deployed by the General Superintendence of Conduct Supervision – IGSC, your represented entity is reminded of the obligation established in
Article 25, item 25.3, clause 25.3.1 1
, of the ECR Regulation, regarding the submission of the respective reports 2 of risk classification update using the audited annual financial information corresponding to the 2024 fiscal year to the SMV, whose deadline is June 02, 2025.

Without prejudice to the foregoing, your represented entity must act with due diligence to request from the issuer and take knowledge of all the relevant information that allows it to comply with its duty of permanent surveillance;

1 "Article 25.- First classification, update and surveillance of the classification (...)
25.3 Subsequent to the first classification of the public offering debt security representative, and
within the framework of the obligation to permanently monitor each risk classification granted, the Rating Agency must update the classification report at least two (2) times a year, through the issuance of the respective risk classification update reports, according to the following scheme:
25.3.1. Using audited annual financial information, the deadline for submission and
publication of this report being May 31 of each year.
(...)."
2 The classification report must observe the minimum content indicated in Annex 5 of the ECR Regulation

PERU Ministry of Economy and Finance

In this sense, your represented entity must send the mentioned updates of the risk classification reports, through the MVNet System, in the option "Information Obligations", followed by "General Communications" and in the section "Modification of Information of Securities for Primary Public Offering – Risk Classification Reports" select the issuer, for the registration of the corresponding data.

Likewise, it must be taken into account that, in case your represented entity does not find the denomination of the securities and/or issuance programs from which it will update the risk classification report in the mentioned section of the MVNet System, it must coordinate with the issuer so that it updates the denomination of its represented entity in the securities and/or issuance programs it classifies, through the MVNet System, in the option "Information Obligations", followed by "General Communications", section "Information of securities for Primary Public Offering – 2. Change of Risk Rating Agency Assignment", this prior to the submission of the respective report.

Similarly, it is pertinent to point out that the ECR, on the same date of issuance of the risk classification report, in addition to its submission to the SMV, must proceed with its publication in the list of classifications through its website 4 and to the transmission of the referred report to the issuer of the corresponding securities, by virtue of what is established in Article 32, item
32.3 5
, of the ECR Regulation.

Finally, it is worth indicating that this circular does not require response from your represented entity; as well as that said document has preventive and referential character, therefore it does not exempt your represented entity from its

3 "Article 25.- First classification, update and surveillance of the classification (...)
25.1. It is the obligation of the Rating Agency to permanently monitor each risk classification granted to
public offering debt securities, in accordance with what is stated in articles 280 and 290 of the LMV. The Rating Agency must act with due diligence to request from the Issuer and take knowledge of all relevant information to comply with said obligation. (...)
25.4. In case the Rating Agency takes knowledge of any circumstance or occurs any fact
that by its characteristics could modify the classification previously granted, it must act with the opportunity and diligence necessary, proceeding to issue the respective pronouncement on the classification. (...)." 4 In accordance with the formats established in Annex 8 of the ECR Regulation. 5 "Article 32.- First classification, update and surveillance of the classification (...)
32.3 On the same date of issuance of the classification report, the Rating Agency will proceed to its
publication in the list of classifications, referred to in item 33.2 of Article 33 of the Regulation, to its transmission to the Issuer and to the SMV. (...)."

PERU Ministry of Economy and Finance

Without further particular, I remain at your disposal.
Sincerely,
José Luis Salazar Marín
General Superintendent (e)
General Superintendence of Conduct Supervision

Lineage: No known changes

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