Circular No. 520-2025

PERU Ministry of Economy and Finance

SMV
Superintendency of the
Securities Market
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Av. Paseo de la República 3617 San Isidro Central: 610 - 6300 www.smv.gob.pe Electronically signed document within 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, November 18, 2025

CIRCULAR No. 520-2025-SMV/11.1

Gentlemen
Risk Rating Agencies
Present:-

Ref.: File No. 2025050698

I address you regarding the obligations maintained by Risk Rating Agencies (hereinafter, ECR) registered in the Public Registry of the Securities Market – RPMV of the Superintendency of the Securities Market – SMV, concerning the permanent monitoring and updating of risk classifications granted to publicly offered debt securities – VRDOP registered in the RPMV, established in Article 279 of the Single Text of the Ordinance 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).

In this regard, within the framework of the preventive administrative activities being carried out by the General Superintendent of Conduct Supervision – IGSC, your representative is reminded of the obligation established in Article 25, item 25.3 of the ECR Regulation, regarding the updating of risk classification reports for VRDOP, which must be carried out at least two (2) times a year, with the next submission deadline being November 30, 2025.

Likewise, for the preparation of the respective risk classification reports for VRDOP, your representative must act with due diligence, verifying that the issuances and/or issuance programs are duly registered and active in the RPMV 1.

Without prejudice to the foregoing, in observance of permanent monitoring, if your representative becomes aware of any circumstance or if any event occurs that, due to its characteristics, could modify the previously granted classification, a pronouncement must be made promptly regarding the classification, in accordance with what is provided in Article 25, items 25.1 and 25.4 2 of the ECR Regulation.

1 In case the issuance and/or Program is not active, it must verify if it has VRDOP in circulation.
2 Article 25.- First classification, updating and monitoring of the classification
25.1. It is the obligation of the Rating Agency to permanently monitor each risk classification granted to publicly offered 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 fulfill this obligation.
(...)
25.4. In the event that the Rating Agency becomes aware of any circumstance or if any event occurs that, due to its characteristics, could modify the previously granted classification, it must act with

PERU Ministry of Economy and Finance

SMV
Superintendency of the
Securities Market
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Av. Paseo de la República 3617 San Isidro Central: 610 - 6300 www.smv.gob.pe Electronically signed document within 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

the necessary opportunity and diligence, proceeding to issue the respective pronouncement on the classification.
3 Article 32.- Of the granted 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 submission to the Issuer and to the SMV.
4 The risk classification of securities issued by public offering referred to in item 2.1 of Article 2 of the Regulation of the Institutional Investors Market, does not have public character.
5 If the issuer has securities registered in the RPMV under what is established in the general regime or in the Alternative Securities Market - MAV, the periodic and eventual information regime applicable will be that contained in said regulations, prevailing over that developed in this regulation, in accordance with Article 16 of the MII Regulation.

In the same way, it is recalled that, on the same date of issuance of the risk classification report, it corresponds to publish it in the list of classifications through its website 3, as well as to send it to the issuer and the SMV. It should be specified that this obligation is not applicable to securities registered in the section called "Of the Institutional Investors Market" of the RPMV, for which the risk classification does not have public character 4, unless the issuer has securities registered in the general regime or in the Alternative Securities Market - MAV 5.

Finally, it should be indicated that this circular does not require a response from your representative; as well as that said document has a preventive and referential character, so it does not exempt your representative from the responsibility of knowing and observing the securities market regulations and complying fully with its information submission obligations that correspond to it.

Sincerely,

César Figueroa Benites
Acting General Superintendent
General Superintendent of Conduct Supervision