Credicorp (NYSE: BAP) credit rating held at BBB-/Stable outlook
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Credicorp Ltd. reports that S&P Global Ratings affirmed its long‑term issuer credit rating at ‘BBB-’ with a stable outlook, based on figures as of December 2025. S&P highlights Credicorp’s leading position in Peru, diversified operations, and adequate capitalization and liquidity.
Group assets reached PEN 262,598 million in 2025, with return on average common equity of 19.0% and a risk‑adjusted capital ratio near 9.8%. Asset quality improved, with nonperforming assets at 3.3% of customer loans and strong coverage. Broad liquid assets were 31.5% of total assets, supporting funding stability.
S&P notes Credicorp repaid its only $500 million holding‑company bond in 2025 and does not expect new holding‑level debt in 2026, keeping double leverage around 100%. The rating remains constrained by Peru’s sovereign rating of BBB-/Stable/A-3, and the outlook mirrors the sovereign, with potential changes tied mainly to Peru’s rating and any future holding‑company leverage.
Positive
- None.
Negative
- None.
Key Figures
Issuer credit rating: BBB-/Stable/--
Adjusted assets: PEN 262,598 million
Return on average common equity: 19.0%
+5 more
8 metrics
Issuer credit rating
BBB-/Stable/--
S&P Global Ratings long-term issuer credit rating as of April 30, 2026
Adjusted assets
PEN 262,598 million
Group adjusted assets for 2025
Return on average common equity
19.0%
Profitability metric for 2025
Core earnings
PEN 7,083 million
Core earnings for 2025
Gross nonperforming assets ratio
3.3%
Gross nonperforming assets/customer loans in 2025
Broad liquid assets/total assets
31.5%
Liquidity ratio as of 2025
Customer loans (gross)
PEN 149,985 million
Gross customer loans outstanding in 2025
Holding-company bond repaid
$500 million
Debt issuance repaid in 2025 using unencumbered liquid assets
Key Terms
Issuer credit rating, SACP (stand-alone credit profile), Additional loss-absorbing capacity (ALAC), Risk-adjusted capital ratio, +2 more
6 terms
Issuer credit rating financial
"affirming Credicorp’s long-term issuer credit rating at ‘BBB‑’ and maintaining a stable outlook"
An issuer credit rating is an independent grade assigned to a company or government that summarizes how likely it is to meet its debt obligations, like a credit score or report card for a borrower. Investors use it to judge risk: a higher rating means lower chance of default and usually lower borrowing costs, while a lower rating signals greater risk and can make bonds more expensive or volatile, affecting returns and portfolio decisions.
SACP (stand-alone credit profile) financial
"SACP: bbb"
Additional loss-absorbing capacity (ALAC) financial
"ALAC--Additional loss-absorbing capacity."
Risk-adjusted capital ratio financial
"Risk‑adjusted capital ratio | 9.5 | 9.7 | 9.8 | 9.6‑9.9 | 9.4‑9.9"
Nonperforming assets financial
"Credicorp's nonperforming assets (NPA) ratio decreased to 3.3% as of December 2025"
Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.
Stable funding ratio financial
"Stable funding ratio | 122.2 | 121.8 | 113.4 | 110.8 | 110.5"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934
For the month of April 2026
Commission File Number: 001-14014
CREDICORP LTD.
(Translation of registrant’s name into English)
Of our subsidiary
Banco de Credito del Peru:
Calle Centenario 156
La Molina 15026
Lima, Peru
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
April 30, 2026
Securities and Exchange Commission - SEC
Re.: MATERIAL EVENT
Dear Sirs:
We hereby notify you, as a Material Event, that on April 30, 2026, S&P Global Ratings released an update of Credicorp Ltd.’s (Credicorp) credit rating report,
affirming Credicorp’s long-term issuer credit rating at ‘BBB‑’ and maintaining a stable outlook. The new report represents an update of figures as of December 2025.
The information contained in this Form 6‑K regarding the rating of S&P Global Ratings has been disclosed in Peru in accordance with applicable Peruvian regulations
(Article 30 of the Securities Market Law, approved by Supreme Decree No. 020‑2023‑EF, and the Regulation on Disclosure of Material Events and Reserved Information approved by Resolution No. 005‑2014‑SMV/01 of the Peruvian Securities Market
Superintendency). The credit ratings assigned by S&P Global Ratings reflect its opinion on Credicorp’s creditworthiness and do not necessarily represent the opinion of Credicorp. Such ratings should not be construed as a recommendation to
purchase, hold, or sell Credicorp’s shares or any other securities. Credicorp does not accept any responsibility for the accuracy, completeness, timeliness, or selection of the information contained in such ratings.
The information in this Form 6-K (including any exhibit hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the
‘Exchange Act’) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
Sincerely,
/s/ Milagros Cigüeñas
Authorized Representative
Credicorp Ltd.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: April 30, 2026
|
CREDICORP LTD.
(Registrant)
|
|||
|
By:
|
/s/ Milagros Cigüeñas
|
||
|
Milagros Cigüeñas
|
|||
|
Authorized Representative
|
|||
Exhibit 99.1
 |
 |
Credicorp Ltd.
April 30, 2026
|
This report does not constitute a rating action.
|
|
|||||||||||||
| Primary Contact | ||||||||||||||
|
Ratings Score Snapshot
|
Camilo Andres Perez
Mexico City
|
|||||||||||||
|
52-55-5081-4446
|
||||||||||||||
|
SACP: bbb
|
Support: 0
|
Additional factors: -1
|
camilo.perez
|
|||||||||||
| Anchor |
bbb- |
Holding company ICR
|
@spglobal.com
|
|||||||||||
|
Business position
|
Strong |
1 |
ALAC support
|
0 |
||||||||||
|
Capital and earnings
|
Adequate | 0 |
GRE support
|
0 |
|
Secondary Contact
|
||||||||
|
Risk
position
|
Adequate | 0 |
Group support
|
0 |
BBB-/Stable/--
|
Jesus Sotomayor
|
||||||||
|
Funding
|
Adequate | 0 |
Sovereign support
|
0 |
|
Mexico City | ||||||||
|
Liquidity
|
Adequate |
|
520445513524919
|
|||||||||||
|
CRA adjustment
|
0 |
|
jesus.sotomayor
|
|||||||||||
| @spglobal.com | ||||||||||||||
ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile.
Credit Highlights
Overview
| Key strengths | Key risks | |
|
High‑quality and diverse asset base with dominant positions in most business segments.
|
Complex political landscape could dent short‑ to medium‑term economic growth in Peru, limiting better business conditions. | |
| Sound profitability at most of its operating subsidiaries helps keep adequate capitalization while consistently upstreaming dividends. |
|
Credicorp Ltd. has investments in multiple large assets in the financial industry in Peru and some presence in other Latin American countries. The rating on the Bermuda-based
nonoperating holding company (NOHC) incorporates the Credicorp group's leading position in Peru's financial industry, along with its business diversification by product, steady earnings despite regional economic challenges, adequate
capitalization, stable funding base, and ample liquidity coverage.
Our rating on Peru influences the creditworthiness of companies operating in the domestic financial sector, including Credicorp. Our foreign currency
sovereign credit rating on Peru (BBB-/Stable/A-3) limits the group credit profile (GCP) on Credicorp because we consider it unlikely that the group, like other domestic financial companies, would remain unaffected in a sovereign default
scenario, given its large asset exposure to the country.
Credicorp's assets have grown 5% annually since 2024, accompanied by moderate internal growth at its main subsidiaries. The company also acquired the
remaining 50% of the joint venture with Empresas Banmédica in 2025, which strengthened the group's presence in the health care and medical services sector in Peru.
In December 2025, Credicorp announced an agreement to acquire Helm Bank (not rated) in the U.S., subject to regulatory approvals. The aim of the transaction is to strengthen cross-border
capabilities by serving international clients, particularly those whose financial activities span Latin America and the U.S. Helm Bank has over $1 billion in assets with a large presence in Florida. We don't expect significant changes in
Credicorp's credit profile if the transaction closes because Helm Bank's assets, loans, and equity represent less than 1.5% of the group's total volumes.
Our rating on Credicorp is at the same level as the 'bbb-' GCP because we believe the holding company will not carry any financial debt in 2026-2027. We
base this view on the fact that its current capital and liquidity support adequately its short- to medium-term strategies. During 2025, Credicorp repaid its only debt issuance (totaling $500 million) using unencumbered liquid assets it had. The
main purpose of the issuance, which it made in 2020, was to enhance the group's cash cushion for potential contingencies during the past adverse years.
As of December 2025, the NOHC's liabilities reported relate only to taxes and dividends, and its cash comfortably covers its small amount of operating expenses. Thus, at this point, we don't expect
the holding to rely on dividends, which mainly come from highly regulated subsidiaries. We expect double leverage to remain at conservative levels (around 100%), as seen in recent years.
Outlook
The stable rating outlook on Credicorp for the next 12-24 months reflects that on Peru, which will continue influencing the group's credit fundamentals. We don't expect the holding company to raise
debt in 2026, and anticipate it will keep stable double leverage below 120% and comfortable liquidity to support its operations.
The stable outlook also indicates the resilience of the group's largest subsidiary, Banco de Credito del Peru, which
we don't expect to downgrade unless its stand-alone credit profile falls below 'bbb-', which is unlikely.
Downside scenario
A downgrade of Peru could trigger a similar action on Credicorp. We could also lower the rating on Credicorp if it issues new debt and starts relying on dividends from its regulated subsidiaries to
meet its financial obligations.
Upside scenario
We could upgrade Credicorp if we were to take a similar action on the sovereign while the group's intrinsic credit fundamentals and holding company's debt strategy remain unchanged.
Key Metrics
Credicorp Ltd.‑‑Key ratios and forecasts
|
‑‑Fiscal year ended Dec. 31‑-
|
|||||
|
(%)
|
2023a
|
2024a
|
2025a
|
2026f
|
2027f
|
|
Growth in customer loans
|
‑2.5
|
0.5
|
2.9
|
7.5‑9.5
|
9.0‑12.0
|
|
Net interest income/average earning assets (NIM)
|
6.6
|
6.9
|
7.0
|
7.0‑7.3
|
6.9‑7.4
|
|
Cost‑to‑income ratio
|
46.9
|
47.7
|
47.1
|
45.0‑47.0
|
44.0‑46.0
|
|
Return on average common equity
|
15.8
|
16.5
|
19.0
|
17.5‑19.5
|
17.0‑21.0
|
|
New loan loss provisions/average customer loans
|
2.5
|
2.4
|
1.6
|
1.7‑1.9
|
1.6‑2.0
|
|
Gross nonperforming assets/customer loans
|
4.3
|
3.8
|
3.3
|
3.2‑3.4
|
3.0‑3.5
|
|
Net charge‑offs/average customer loans
|
2.0
|
2.4
|
1.7
|
1.5‑1.7
|
1.3‑1.9
|
|
Risk‑adjusted capital ratio
|
9.5
|
9.7
|
9.8
|
9.6‑9.9
|
9.4‑9.9
|
All figures include S&P Global Ratings' adjustments. a‑‑Actual. e‑‑Estimate. f‑‑Forecast. NIM‑‑Net interest margin.
Anchor: 'bbb-' For Financial Institutions Operating In Peru
Our bank criteria use our Banking Industry Country Risk Assessment's economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating.
Our anchor for a financial entity operating in Peru (where Credicorp mostly operates) is 'bbb-'. (See "Banking Industry Country Risk Assessment: Peru,"
Jan. 20, 2026.)
Business Position: Largest Financial Group In Peru With Ample Business Stability
Credicorp's solid business position reflects its leadership in Peru's financial sector, primarily through its largest subsidiary, Banco de Credito del Peru (BCP;
BBB-/Stable/A-3), which owns MiBanco Banco de la Microempresa S.A. (BBB-/Stable/A-3). BCP, which has diversified operations across all retail and wholesale segments, is the leading bank in
Peru, with a lending market share of about 37%, including its microlender subsidiary, MiBanco. These factors support the stability of the bank's business and dividend flows to Credicorp.
The group also has smaller banking operations, including ASB Bank Corp. (BB+/Stable/B) based in Panama and Banco de Credito de Bolivia (not
rated) based in Bolivia. It also has activities in the Peruvian insurance and pension fund industries through Pacifico Seguros and Prima AFP, respectively (both not rated). Pacifico Seguros is one of the leaders in Peru's life, health, and
property/casualty insurance segments. AFP Prima is the second-largest player in the pension industry, with a 29% share in assets under management. In addition, Credicorp has investment management and advisory operations in Colombia, Chile, and
Peru through Credicorp Capital (not rated). Credicorp also has a corporate venture capital arm (Krealo) that focuses on external innovation to complement the businesses of the group and support its growth.
BCP has made up 75%-80% of Credicorp's earnings and dividends in recent years, while insurance and pension fund business have made up 10%-15%. Banking operations in other jurisdictions and Credicorp Capital made up
the rest.
The steady investments in digital initiatives over the past years continue to pay off, benefiting Credicorp's competitiveness in the Peruvian financial industry. In particular,
Yape, the most used digital financial services app in Peru, with about 16 million active users, has been increasing its functionalities and supplementing banking and insurance products, increasing the group's client base and benefiting income
and profitability through its payment and lending operations. We expect investments in digitalization to continue, supporting the group's adaptability and competitive position amid continued disruptions in the financial industry.
Capital And Earnings: Adequate Capitalization To Support Business Strategy
We consider Credicorp's capitalization metrics commensurate with its business strategy. We expect its risk-adjusted capital ratio (calculated according to our methodology) to remain stable at
9.7%-9.8% in 2026-2027 thanks to its main operating subsidiaries' high and stable capacity to build earnings.
Our base case considers the following:
| • |
Annual GDP growth in Peru close to 3.0%
|
| • |
Annual inflation stabilizing at 2.0%
|
| • |
Stable policy rate at 4.25%
|
| • |
Annual loan growth of 9%-11%
|
| • |
Return on average equity at 17%-19%
|
| • |
Dividend distributions from Credicorp to its shareholders of 50%-80% of results but with flexibility to reduce them if needed
|
Credicorp has good regulatory capital metrics, with total regulatory capital at 1.3x the minimum requirement.
Credicorp's profitability continues to reach new highs, with return on average equity at 19.0% and return on average assets at 2.6% in 2025, compared to the 16.3% and 2.1% averages in 2022-2024.
Overall, improving operating conditions in Peru --including internal demand recovery, better employment dynamics, very low inflation, and relatively stable interest rates--, along with continued pension fund withdrawals, supported higher
earnings across the financial group's key operating units last year.
In particular, BCP (including MiBanco)'s ROE reached 24.8% in 2025, from 21.3% in 2024, mainly thanks to a marked decrease of the cost of risk due to dissipating credit risks amid borrowers'
improved payment capacity and the banks' more conversative underwriting and collection practices.
In addition, lending growth rebound, lower funding costs due to falling interest rates, and BCP's strong competitiveness in the transactional deposits segment helped keep net interest margins strong
last year. Stable cost efficiencies despite continued investments in technology and marketing also have contributed to sound bottom-line results.
We expect Credicorp's profitability to remain stable in 2026, with return on average equity at 17.5%-19.5%. Lending growth will continue and funding costs will remain low amid relatively stable
interest rates, while decreasing credit risks will anchor the cost of risk. Yape's improving performance and sound insurance results will also be key to keep solid earnings.
Risk Position: Diversified Business Mix And Improving Asset Quality
Credicorp has ample business diversification, conservative growth strategies, and manageable risks at its operating subsidiaries, in our view. The group's risk position mainly reflects our
assessment of its largest subsidiary, BCP, which has banking operations that focus on lending, with no relevant concentrations among economic sectors or customers.
As in the overall Peruvian banking industry, BCP's asset quality has been consistently improving since the second half of 2024 thanks to more stable local economic conditions, higher liquidity amid
the seventh and eight pension fund withdrawals, and banks' conservative underwriting of new loans. Thus, Credicorp's nonperforming assets (NPA) ratio decreased to 3.3% as of December 2025 (in line with the industry average) from 4.3% in
December 2023. In 2023 and part of 2024, volatile political conditions and adverse climate events eroded asset quality, especially that of microcredits, loans to small and midsize enterprises, and consumer credits to middle- and low-income
borrowers.
Our base-case scenario assumes adequate macroeconomic fundamentals, along with the group's conservative growth strategies, will help keep asset quality manageable in 2026, with NPAs stable at about 3.3%. Although
risks to the economy around political uncertainties and climate events in Peru seem to be manageable so far, we will continue monitoring these factors. Credicorp's good credit loss provisions coverage, capitalization, and liquidity would help
manage unexpected pressures on asset quality.
Funding And Liquidity: Stable Funding Base And Healthy Liquidity
We think the group has adequate funding structure and liquidity, in line with our assesment on BCP. According to our calculations, Credicorp's stable funding ratio has been 110%-120% in recent
years. Its broad liquid assets represented 32% of total assets, 49% of customer deposits, and 4.0x its short-term wholesale funding as of December 2025, indicating ample capacity to cover needs in 2026.
Customer deposits make up roughly 80% of Credicorp's consolidated funding base, and half are retail deposits, which we deem more stable, particularly during times of market distress. The funding
base also includes interbank credit lines, market debt, and central bank repurchase agreements.
Support: No Uplift To The Group Credit Profile
Credicorp is 12.3% owned by the Romero family (based on common shares), and the rest is held by private and institutional investors. Because of this, we base our rating on Credicorp on its own
credit quality, excluding parental support.
Despite the relevance of banking operations, our rating on Credicorp doesn't include potential extraordinary government support. Although we believe BCP would receive support, given its high
systemic importance in Peru, we don't expect such support would be extended to the holding company.
Environmental, Social, And Governance
Environmental, social, and governance (ESG) factors have no material influence on our credit rating analysis of Credicorp, as with industry and domestic peers. Peru is somewhat exposed to natural
disasters such as earthquakes, volcanic activity, landslides, and the El Niño climate pattern. However, Credicorp, like other domestic financial entities, has been able to keep credit and operating losses moderate during such conditions. The
group has solid loan diversification with low exposure to the agriculture sector, which is vulnerable to these conditions.
The Peruvian economy depends to some extent on the commodity metals sector, which domestic banks generally don't directly finance. Still, banks are indirectly exposed to those
sectors through the supply chain (suppliers, subcontractors, and employees who are also retail clients).
Credicorp operates in sectors that provide services and products supporting Peru and Colombia's social development. It provides financing to micro, small, and midsize companies, which make up 27% of
total loans. Also, insurance and pension operations in Peru play an important role in the society's welfare and economic stability. Yape contributes to increased financial inclusion in Peru.
Credicorp has a satisfactory oversight framework and corporate governance practices that comply with local regulations. The board of directors is well balanced to represent shareholders' interests adequately.
Key Statistics
|
Credicorp Ltd. Key Figures
|
||||||
|
Mil. PEN
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
|
Adjusted assets
|
262,598
|
252,800
|
236,217
|
233,854
|
242,112
|
|
|
Customer loans (gross)
|
149,985
|
145,732
|
144,976
|
148,626
|
147,597
|
|
|
Adjusted common equity
|
28,915
|
28,451
|
27,629
|
25,775
|
21,967
|
|
|
Operating revenues
|
23,342
|
21,718
|
19,805
|
17,288
|
14,285
|
|
|
Noninterest expenses
|
10,988
|
10,374
|
9,334
|
8,621
|
7,740
|
|
|
Core earnings
|
7,083
|
5,623
|
4,960
|
4,745
|
3,672
|
|
|
PEN--Peruvian nuevo sol.
|
||||||
|
Credicorp Ltd. Business Position
|
||||||
|
(%)
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
|
Total revenues from business line (currency in millions)
|
23,342
|
21,718
|
19,805
|
17,288
|
14,285
|
|
|
Commercial & retail banking/total revenues from business line
|
81.0
|
83.8
|
81.2
|
81.2
|
84.4
|
|
|
Insurance activities/total revenues from business line
|
6.0
|
5.5
|
5.7
|
5.7
|
5.9
|
|
|
Investment banking/total revenues from business line
|
8.6
|
8.7
|
4.7
|
4.7
|
6.0
|
|
|
Return on average common equity
|
19.0
|
16.5
|
15.8
|
16.8
|
13.9
|
|
|
Credicorp Ltd. Capital And Earnings
|
||||||
|
(%)
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
|
Adjusted common equity/total adjusted capital
|
100.0
|
100.0
|
100.0
|
100.0
|
100.0
|
|
|
Net interest income/operating revenues
|
63.1
|
65.1
|
67.9
|
66.6
|
65.5
|
|
|
Fee income/operating revenues
|
18.0
|
18.7
|
19.3
|
21.1
|
24.5
|
|
|
Market-sensitive income/operating revenues
|
8.6
|
8.7
|
6.9
|
6.7
|
7.9
|
|
|
Cost to income ratio
|
47.1
|
47.7
|
46.9
|
49.9
|
54.2
|
|
|
Preprovision operating income/average assets
|
4.7
|
4.6
|
4.4
|
3.6
|
2.7
|
|
|
Core earnings/average managed assets
|
2.7
|
2.3
|
2.1
|
2.0
|
1.5
|
|
|
N.M.--Not meaningful.
|
|
Credicorp Ltd. Risk Position
|
||||||
|
(%)
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
|
Growth in customer loans
|
2.9
|
0.5
|
(2.5)
|
0.7
|
7.2
|
|
|
Total managed assets/adjusted common equity (x)
|
9.3
|
9.0
|
8.6
|
9.2
|
11.2
|
|
|
New loan loss provisions/average customer loans
|
1.6
|
2.4
|
2.5
|
1.2
|
0.9
|
|
|
Net charge-offs/average customer loans
|
1.7
|
2.4
|
2.0
|
1.5
|
1.8
|
|
|
Gross nonperforming assets/customer loans + other real estate owned
|
3.3
|
3.8
|
4.3
|
4.1
|
3.9
|
|
|
Loan loss reserves/gross nonperforming assets
|
156.2
|
142.9
|
132.6
|
128.8
|
148.8
|
|
|
Credicorp Ltd. Risk Position
|
|
Credicorp Ltd. Funding And Liquidity
|
||||||
|
(%)
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
|
Core deposits/funding base
|
83.4
|
80.98
|
79.5
|
78.5
|
76.0
|
|
|
Customer loans (net)/customer deposits
|
83.5
|
85.1
|
92.6
|
95.8
|
92.5
|
|
|
Long-term funding ratio
|
91.3
|
87.1
|
85.3
|
86.1
|
89.5
|
|
|
Stable funding ratio
|
122.2
|
121.8
|
113.4
|
110.8
|
110.5
|
|
|
Short-term wholesale funding/funding base
|
10.2
|
15.0
|
17.1
|
15.8
|
11.8
|
|
|
Broad liquid assets/short-term wholesale funding (x)
|
4.0
|
2.9
|
2.3
|
2.3
|
2.6
|
|
|
Broad liquid assets/total assets
|
31.5
|
34.1
|
30.8
|
28.4
|
25.2
|
|
|
Broad liquid assets/customer deposits
|
49.4
|
54.0
|
49.8
|
45.7
|
41.0
|
|
|
Net broad liquid assets/short-term customer deposits
|
46.5
|
44.4
|
35.3
|
31.9
|
31.8
|
|
|
Short-term wholesale funding/total wholesale funding
|
61.5
|
78.8
|
83.5
|
73.8
|
49.3
|
|
|
Rating Component Scores
|
|
Issuer Credit Rating
|
BBB-/Stable/--
|
|
SACP
|
bbb
|
|
Anchor
|
bbb-
|
|
Business position
|
Strong (1)
|
|
Capital and earnings
|
Adequate (0)
|
|
Risk position
|
Adequate (0)
|
|
Funding and liquidity
|
Adequate and Adequate (0)
|
|
Comparable ratings analysis
|
0
|
|
Support
|
0
|
|
ALAC support
|
0
|
|
GRE support
|
0
|
|
Group support
|
0
|
|
Sovereign support
|
0
|
|
Additional factors
|
-1
|
|
SACP--Stand-alone credit profile. ALAC--Additional loss-absorbing capacity. GRE--Government-related entity.
|
|
Related Criteria
| • |
General Criteria: Hybrid Capital: Methodology And Assumptions, Oct. 13, 2025
|
| • |
Criteria | Financial Institutions | General: Risk-Adjusted Capital Framework Methodology, April 30, 2024
|
| • |
Criteria | Financial Institutions | Banks: Banking Industry Country Risk Assessment Methodology And Assumptions, Dec. 9, 2021
|
| • |
Criteria | Financial Institutions | General: Financial Institutions Rating Methodology, Dec. 9, 2021
|
| • |
General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021
|
| • |
General Criteria: Group Rating Methodology, July 1, 2019
|
| • |
General Criteria: Ratings Above The Sovereign--Corporate And Government Ratings: Methodology And Assumptions, Nov. 19, 2013
|
| • |
General Criteria: Principles Of Credit Ratings, Feb. 16, 2011
|
Related Research
| • |
Banco de Credito del Peru, March 30, 2026
|
| • |
Banking Industry Country Risk Assessment: Peru, Jan. 20, 2026
|
| • |
Peru 'BBB-/A-3' Foreign Currency Ratings Affirmed; Outlook Remains Stable, Dec. 11, 2025
|
| • |
Mibanco - Banco de la Microempresa S.A., Nov. 24, 2025
|
|
Ratings Detail (as of April 30, 2026)*
|
|
| Credicorp Ltd. | |
|
Issuer Credit Rating
|
BBB-/Stable/--
|
|
Issuer Credit Ratings History
|
|
|
26-Apr-2024
|
BBB-/Stable/--
|
|
15-Oct-2021
|
BBB/Negative/--
|
|
08-Jun-2020
|
BBB/Stable/--
|
|
Sovereign Rating
|
|
|
Bermuda
|
A+/Stable/A-1
|
|
Related Entities
|
|
| ASB Bank Corp. | |
|
Issuer Credit Rating
|
BB+/Stable/B
|
|
Banco de Credito del Peru
|
|
|
Issuer Credit Rating
|
BBB-/Stable/A-3
|
|
Senior Unsecured
|
BBB-
|
|
Subordinated
|
BB+
|
|
Banco de Credito del Peru, Panama Branch
|
|
|
Subordinated
|
BB+
|
|
MiBanco Banco de La Microempresa S.A.
|
|
|
Issuer Credit Rating
|
BBB-/Stable/A-3
|
|
*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings’ credit ratings on the global scale are comparable across
countries. S&P Global Ratings’ credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an
entity guarantees.
|
|
Copyright © 2026 by Standard & Poor’s Financial Services LLC. All rights reserved.
No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse
engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The
Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy,
completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the
security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In
no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including,
without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Some of the Content may have been created with the assistance of an artificial intelligence (AI) tool. Published Content created or processed using AI is composed, reviewed, edited, and approved by S&P personnel.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating
acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the
Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and
other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and
undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including,
but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign,
withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage
alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business
units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each
analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses.
S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and
third-party redistributors.
Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.
STANDARD & POOR’S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor’s Financial Services LLC.
|
www.spglobal.com/ratingsdirect
|
April 30, 2026
|
10 |
FAQ
What credit rating did S&P assign to Credicorp (BAP)?
S&P Global Ratings affirmed Credicorp’s long-term issuer credit rating at BBB- with a stable outlook. The rating reflects Credicorp’s leading position in Peru, diversified financial businesses, adequate capitalization, and solid liquidity, while being constrained by Peru’s own sovereign rating.
How strong were Credicorp (BAP)’s 2025 profitability metrics?
In 2025, Credicorp reported a 19.0% return on average common equity and core earnings of PEN 7,083 million. These figures improved from prior years, supported by higher operating revenues, stable costs, and lower credit losses across its main Peruvian banking operations.
What do S&P’s asset quality indicators show for Credicorp (BAP)?
S&P reports Credicorp’s gross nonperforming assets at 3.3% of customer loans in 2025, down from 4.3% in 2023. Loan loss reserves covered 156.2% of nonperforming assets, indicating improved asset quality and solid buffers against potential credit losses in Peru.
How is Credicorp (BAP)’s funding and liquidity profile characterized?
Customer core deposits represent 83.4% of Credicorp’s funding base, while broad liquid assets equal 31.5% of total assets and 49.4% of customer deposits. A stable funding ratio of 122.2% and strong liquidity coverage underpin S&P’s adequate funding and liquidity assessments.
How does Peru’s sovereign rating affect Credicorp (BAP)?
S&P’s foreign currency sovereign rating on Peru of BBB-/Stable/A-3 caps Credicorp’s group credit profile. Because Credicorp has large exposure to Peru, S&P views it as unlikely the group would be insulated from a sovereign default, so Credicorp’s rating tracks Peru’s outlook closely.
What is S&P’s outlook on Credicorp (BAP) over the next 12–24 months?
S&P’s outlook on Credicorp is stable for the next 12–24 months, mirroring Peru’s outlook. The agency assumes no new holding-company debt in 2026, double leverage below 120%, and continued strong performance from Banco de Credito del Peru, the group’s largest subsidiary.