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Fitch lifts Credicorp (NYSE: BAP) to BBB+ as profits and liquidity strengthen

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Credicorp Ltd. reports that Fitch Ratings upgraded its Long-Term Foreign-Currency Issuer Default Rating to ‘BBB+’ from ‘BBB’, with a Stable Outlook, and affirmed the Short-Term IDR at ‘F2’. The upgrade aligns Credicorp’s rating with its main subsidiary Banco de Crédito del Perú, reflecting low double leverage of 99.6% at year-end 2025 and strong liquidity management.

Fitch highlights Credicorp’s position as Peru’s largest financial holding company, with diversified operations in banking, insurance, pensions, asset and wealth management, and microfinance. Group profitability has strengthened, with net income rising from PEN 4,960 million in 2023 to PEN 7,083 million in 2025, and net income/average equity increasing from 15.9% to 19.4%. Asset quality remains manageable, as the impaired loans ratio moved from 3.0% in 2024 to 5.9% in 2025, then improved to 4.3% at March 31, 2026, while loan impairment charges/average gross loans declined to 1.3% on an annualized basis.

Positive

  • Fitch rating upgrade: Long-Term Foreign-Currency IDR raised to ‘BBB+’ with Stable Outlook, reflecting stronger profitability, liquidity, and support from Banco de Crédito del Perú.

Negative

  • None.

Insights

Fitch’s upgrade to BBB+ reflects stronger profitability, liquidity and subsidiary support.

Fitch raised Credicorp’s Long-Term Foreign-Currency IDR to ‘BBB+’, equalized with Banco de Crédito del Perú. The decision rests on low double leverage of 99.6%, strong liquidity management, and consistent earnings from core subsidiaries.

Financials show rising operating profit and net income, with net income increasing to PEN 7,083 million in 2025 and net income/average equity at 19.4%. Asset quality pressure appears contained: the impaired loans ratio peaked at 5.9% in 2025 but improved to 4.3% by March 31, 2026, while loan impairment charges/average gross loans fell to 1.3%.

Rating sensitivities tie Credicorp’s IDRs closely to BCP’s rating. Independent downside risk would stem from double leverage rising sustainably above 1.2x, weaker holding-company liquidity, or reduced dividend flows that weaken debt coverage, according to Fitch’s criteria.

Long-Term Foreign-Currency IDR BBB+ (Stable Outlook) Upgraded from BBB by Fitch Ratings
Net income 2025 PEN 7,083 million 12 months ended Dec. 31, 2025
Net income 2023 PEN 4,960 million 12 months ended Dec. 31, 2023
Net income/average equity 2025 19.4% Profitability ratio for 2025
Impaired loans ratio 2025 5.9% Asset quality at Dec. 31, 2025
Impaired loans ratio Mar. 2026 4.3% Asset quality at Mar. 31, 2026
Double leverage 99.6% Holding-company double leverage at YE 2025
Gross loans/customer deposits 85.6% Funding ratio at Mar. 31, 2026
Issuer Default Ratings financial
"Credicorp Ltd.’s Issuer Default Ratings (IDRs) were upgraded to ‘BBB+’ from ‘BBB’"
double leverage financial
"Credicorp’s double leverage remained low at 99.6% at YE 2025"
Fitch Core Capital ratio financial
"Fitch Core Capital ratio | - | - | - | -"
Tangible common equity/tangible assets financial
"Tangible common equity/tangible assets | 12.7 | 12.5 | 12.7 | 13.1"
Impaired loans ratio financial
"Impaired loans ratio | 3.2 | 3.0 | 5.9 | 4.3"
Net interest income/average earning assets financial
"Net interest income/average earning assets | 6.5 | 6.5 | 6.3 | 6.5"
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Form 6-K: How Foreign Companies Report to the SEC →
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 June 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): ____
 

June 24, 2026

Securities and Exchange Commission - SEC

Re.: MATERIAL EVENT

Dear Sirs:

We hereby notify you as a Material Event that on June 23, 2026, Fitch Ratings released an update of Credicorp Ltd.’s (Credicorp) credit rating report. The update further elaborates on the rating action announced on June 8, 2026, in which Fitch upgraded Credicorp’s Long-Term Foreign Currency rating at “BBB+” with stable Outlook, and the Short-Term IDR was affirmed.

The information contained in this Form 6‑K regarding the rating of Fitch 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 Fitch 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: June 24, 2026
 
 
CREDICORP LTD.
 
 
(Registrant)
  
 
 
 
 
 
By:
/s/ Milagros Cigüeñas
 
 
 
Milagros Cigüeñas
 
 
 
Authorized Representative
 
 

Exhibit 99.1

Banks
Bank Holding Companies
Bermuda

Credicorp Ltd.

Key Rating Drivers
IDRs Driven by Those of Main Subsidiary: Credicorp Ltd.’s Issuer Default Ratings (IDRs) were upgraded to ‘BBB+’ from ‘BBB’, as they are driven primarily by the IDRs of its main subsidiary, Banco de Crédito del Perú (BCP; BBB+/Stable), which has a strong business and financial profile. Credicorp’s Foreign-Currency, Long-Term IDR of ‘BBB+’ with a Stable Outlook is equalized with BCP’s rating, mainly due to Credicorp’s low double leverage and strong liquidity management.

Largest Peruvian Financial Holding Company: Credicorp is the largest financial holding company in Peru. While domiciled in Bermuda for strategic reasons, the group operates primarily through its main subsidiaries, including BCP, the largest bank in Peru, Banco de Crédito de Bolivia, Grupo Pacífico, Prima AFP, Atlantic Security Bank, Credicorp Capital, and Mibanco in Peru and Colombia. The group maintains leading positions across banking, insurance, pensions, wealth and asset management, and microfinance, which support earnings diversification and franchise strength.

Strong Corporate Strategy: Credicorp is a non-operating holding company with an integrated business platform that includes leading banking, insurance, pension, asset and wealth management, and microfinance franchises in Peru and other selected markets in the region. Fitch Ratings views the group’s strategy as supportive of its business profile, given its focus on financial inclusion, risk and capital discipline, digital transformation, and operational execution across its core and disruptive businesses. The strategy focuses on prioritizing leading market positions in an under-penetrated region with clear growth avenues, scaling an integrated digital ecosystem, unlocking synergies by leveraging shared capabilities across the ecosystem, and delivering strong, resilient results across economic cycles.

Low Double Leverage: Credicorp’s double leverage remained low at 99.6% at YE 2025, compared with 99.2% in 2024. This was consistently well below the threshold of 120% at which Fitch would typically start to notch down a bank holding company’s ratings. Fitch does not expect double leverage to change materially over the rating horizon. Debt incurred at the holding company level was maintained as a conservative liquidity backstop for use during periods of stress, particularly during the pandemic. However, the senior debt has already matured, and there has been no need to refinance or replace it.

Strong Liquidity Management: Credicorp’s liquidity management is prudent, supported by good access to capital markets and a diversified mix of funding and liquidity sources. The group continues to benefit from a structurally efficient low-cost funding base and an improved funding mix, while more expensive funding sources declined, aside from a subordinated bond issuance at BCP.

Capital Fungibility: Credicorp’s financial flexibility at the holding company level is supported by recurring up-streaming of excess capital from its operating subsidiaries. Excess capital is typically transferred to the holding company in March, after which Credicorp may propose an ordinary dividend, with the potential for an extraordinary dividend, depending on business conditions. In Fitch’s view, the group’s diversified earnings base across banking, microfinance, insurance, pensions, asset management and digital businesses supports internal capital generation and enhances the holding company’s capacity to meet its financial commitments. However, the extent of upstream distributions remains linked to the performance, capitalization and regulatory requirements of its main subsidiaries.

Consistent Subsidiary Performance: Credicorp’s capital structure benefits from the strong and consistent performance of its core subsidiaries, particularly BCP, which remains the group’s main earnings generator and a key source of financial flexibility. In 2025, BCP’s operating profit-to-risk-weighted asset (RWA) ratio improved to 5.19% at YE 2025 from 4.32% at YE 2024, mainly driven by a stronger financial margin and lower credit costs, supported by improved asset quality. Fitch expects BCP’s profitability to remain strong, although it could decline slightly from its exceptionally strong level in 2025 due to margin compression, somewhat higher credit costs, external risks and the bank’s planned growth in riskier but more profitable retail segments.

Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
Credicorp’s IDRs are at the same level as BCP’s, and would move in tandem with any rating action on its main operating subsidiary. However, Fitch could also downgrade Credicorp’s ratings (separately from any action on BCP) if there is a material and sustained increase of its double leverage metrics (above 1.2x) and if there is a material weakening of the holding company’s liquidity position and management.
A change in the dividend flows from the operating companies or debt levels at the holding company that affects its debt coverage ratio could also be detrimental to Credicorp’s ratings.

Rating Report | 23 June 2026
fitchratings.com  1
Banks
Bank Holding Companies
Bermuda
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
Credicorp Ltd.’s ratings would move in tandem with positive rating actions on its main operating subsidiary, BCP.

Rating Report | 23 June 2026
fitchratings.com  2
Banks
Bank Holding Companies
Bermuda
Financials
Financial Statements

Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2025
Mar. 31, 2026

12 months
12 months
12 months
1st quarter

(PEN mil.)
(PEN mil.)
(PEN mil.)
(PEN mil.)
Summary income statement



Net interest and dividend income
12,938
14,115
14,716
3,963
Net fees and commissions
3,805
4,052
4,200
1,149
Other operating income
3,065
3,338
4,252
1,130
Total operating income
19,808
21,505
23,168
6,242
Operating costs
9,263
10,196
10,799
2,841
Pre-impairment operating profit
10,545
11,309
12,369
3,401
Loan and other impairment charges
3,627
3,547
2,460
482
Operating profit
6,919
7,762
9,909
2,919
Other non-operating items (net)
-70
63
39
-
Tax
1,888
2,201
2,865
809
Net income
4,960
5,623
7,083
2,110
Other comprehensive income
582
-77
342
-
Fitch comprehensive income
5,542
5,546
7,425
2,110





Summary balance sheet



Assets



Gross loans
144,976
145,732
149,985
152,825
– of which impaired
4,674
4,384
8,882
6,524
Loan loss allowances
8,278
7,995
7,670
7,425
Net loans
136,698
137,737
142,315
145,399
Interbank
3,622
40,120
41,395
42,980
Derivatives
988
905
1,232
-
Other securities and earning assets
56,015
57,659
56,767
61,634
Total earning assets
197,323
236,421
241,709
250,013
Cash and due from banks
30,309
7,535
7,650
7,709
Other assets
11,208
12,132
18,004
20,793
Total assets
238,840
256,089
267,363
278,514





Liabilities



Customer deposits
146,510
160,741
169,420
178,628
Interbank and other short-term funding
17,724
16,436
15,611
5,872
Other long-term funding
21,155
21,901
19,371
26,416
Trading liabilities and derivatives
892
820
1,048
-
Total funding and derivatives
186,281
199,897
205,450
210,916
Other liabilities
19,452
21,215
22,816
26,949
Preference shares and hybrid capital
-
-
-
-
Total equity
33,107
34,977
39,096
40,648
Total liabilities and equity
238,840
256,089
267,363
278,514
Exchange rate
USD1=
PEN3.7260
USD1=
PEN3.7340
USD1=
PEN3.3600
USD1=
PEN3.4800
Source: Fitch Ratings, Fitch Solutions, Credicorp




Rating Report | 23 June 2026
fitchratings.com  3
Banks
Bank Holding Companies
Bermuda
Key Ratios

Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2025
Mar. 31, 2026
Ratios (%; annualized as appropriate)








Profitability



Operating profit/risk-weighted assets
-
-
-
-
Net interest income/average earning assets
6.5
6.5
6.3
6.5
Non-interest expense/gross revenue 
47.0
47.7
46.7
45.6
Net income/average equity
15.9
16.6
19.4
21.5





Asset quality



Impaired loans ratio
3.2
3.0
5.9
4.3
Growth in gross loans
 -2.5
0.5
2.9
1.9
Loan loss allowances/impaired loans
177.1
182.4
86.4
113.8
Loan impairment charges/average gross loans
2.5
2.4
1.7
1.3





Capitalization



Common equity Tier 1 ratio
-
-
-
-
Fully loaded common equity Tier 1 ratio
-
-
-
-
Fitch Core Capital ratio
-
-
-
-
Tangible common equity/tangible assets
12.7
12.5
12.7
13.1
Basel leverage ratio
-
-
-
-
Net impaired loans/common equity Tier 1
-20.2
-11.6
3.5
-2.6
Net impaired loans/Fitch Core Capital  
 -12.1
-
-
-





Funding and liquidity



Gross loans/customer deposits
99.0
90.7
88.5
85.6
Gross loans/customer deposits + covered bonds 
  -
-
-
-
Liquidity coverage ratio
  -
-
-
-
Customer deposits/total non-equity funding
79.0
80.7
82.9
84.7
Net stable funding ratio
    -
-
-
-
Source: Fitch Ratings, Fitch Solutions, Credicorp







Environmental, Social and Governance Considerations



Rating Report | 23 June 2026
fitchratings.com  4
Banks
Bank Holding Companies
Bermuda
ESG Scoring
Credit-Relevant ESG Scale
ESG relevance scores range from ‘1’ to ‘5’ based on a 15-level colour gradation. Red (5) is most relevant to the credit rating and green (1) is least relevant.
 
5
Highly relevant, a key rating driver that hasa significant impact on the rating on an individual basis. Equivalent to ‘Higher’
relative importance within the Navigator.
The Environmental (E), Social (S) and Governance (G) tables break out the general and the sector-specific issues that are most relevant to each industry group. Relevance scores are assigned to each sector-specific issue, signalling the credit relevance of the sector-specific issues to an issuer’s overall credit rating. The Reference column highlights the factor(s) within which the corresponding ESG issues are captured in Fitch’s credit analysis.

 
 4
Relevant to rating, not a key rating driver but has an impact on the rating in
combination with other factors. Equivalent to ‘Moderate’ relative importance within the Navigator.
The panels underneath the relevance scores tables are visualisations of the frequency of occurrence of the highest ESG relevance scores across the combined E, S and G categories. The Score columns summarise rating relevance and impact to credit from ESG issues. The column on the far left identifies any ESG relevance sub-factor issues that are drivers or potential drivers of an issuer’s credit rating (corresponding with scores of ‘3’, ‘4’ or ‘5’). All scores of ‘4’ and ‘5’ are assumed to reflect a negative impact unless indicated with a ‘+’ sign for positive impact.
 
3
Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to ‘Lower’ relative importance within the Navigator.
Classification of ESG issues has been developed from Fitch’s sector ratings criteria. The general and sector-specific issues draw on the classification standards published by the UN Principles for Responsible Investing, the Sustainability Accounting Standards Board and the World Bank.
 
2
Irrelevant to the entity rating but relevant to the sector.


 1
Irrelevant to the entity rating and irrelevant to the sector.

Ratings
Foreign Currency
Long-Term IDR
BBB+
Short-Term IDR
F2


Outlooks
Long-Term Foreign-Currency IDR
Stable



Rating Report | 23 June 2026
fitchratings.com  5
Banks
Bank Holding Companies
Bermuda
Applicable Criteria
Bank Rating Criteria (May 2026)

Related Research
Fitch Upgrades Banco de Credito del Peru and Credicorp to ‘BBB+’; Outlook Stable (June 2026)
Latin American Banks Outlook 2026
(December 2025)
Global Banks Mid-Year 2026 Outlook Compendium (June 2026)

Analysts
Larisa Arteaga
+52 55 5955 1621
larisa.arteaga@fitchratings.com

Abraham Martinez
+56 2 3321 2901
abraham.martinez@fitchratings.com

Rating Report | 23 June 2026
fitchratings.com  6
Banks
Bank Holding Companies
Bermuda

SOLICITATION & PARTICIPATION STATUS
For information on the solicitation status of the ratings included within this report, please refer to the solicitation status shown in the relevant entity’s summary page of the Fitch Ratings website.
For information on the participation status in the rating process of an issuer listed in this report, please refer to the most recent rating action commentary for the relevant issuer, available on the Fitch Ratings website.

FORECAST DISCLAIMER FOR FINANCIAL INSTITUTIONS
Any forecast(s) in this report reflect Fitch’s forward view on the issuer’s financial metrics. They are constructed using a proprietary internal forecasting tool and based on a combination of Fitch’s own performance assumptions, macroeconomic forecasts, sector-level outlook and issuer-specific considerations. As a result, Fitch’s forecasts may differ materially from the rated entity’s forecasts or guidance and may not reflect the assumptions that other market participants may make. To the extent Fitch is aware of material non-public information with respect to future events, such as planned recapitalisations or merger and acquisition activity, Fitch may not reflect these non-public future events in its published forecasts. However, where relevant, such information is considered by Fitch as part of the rating process.
Fitch may update the forecasts in future reports but assumes no responsibility to do so. Original financial statement data for historical periods may be processed by affiliates of Fitch, together with certain outsourcing services. Key financial adjustments and all financial forecasts credited to Fitch Ratings are generated by its employees.
Fitch’s forecasts are one component used by the agency to assign a rating or determine an Outlook. The information in the forecasts reflects material but not exhaustive elements of Fitch’s rating assumptions for the issuer’s financial performance. It cannot be used to establish a rating, and it should not be relied on for that purpose.

DISCLAIMER & DISCLOSURES
All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.fitchratings.com/understandingcreditratings. In addition, the following https://www.fitchratings.com/rating-definitions-document details Fitch’s rating definitions for each rating scale and rating categories, including definitions relating to default. Published ratings, criteria, and methodologies are available from this site at all times. Fitch’s code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures are also available from the Code of Conduct section of this site. Directors and shareholders’ relevant interests are available at https://www.fitchratings.com/site/regulatory. Fitch may have provided another permissible or ancillary service to the rated entity or its related third parties. Details of permissible or ancillary service(s) for which the lead analyst is based in an ESMA- or FCA-registered Fitch Ratings company (or branch of such a company) can be found on the entity summary page for this issuer on the Fitch Ratings website.
In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. Fitch Ratings makes routine, commonly-accepted adjustments to reported financial data in accordance with the relevant criteria and/or industry standards to provide financial metric consistency for entities in the same sector or asset class.
The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.
For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.
Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the “NRSRO”). While certain of the NRSRO’s credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the “non-NRSROs”) and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.

Copyright © 2026 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved.


Rating Report | 23 June 2026
fitchratings.com  7

Source: View Original Filing on SEC EDGAR

FAQ

What rating change did Fitch announce for Credicorp (BAP)?

Fitch upgraded Credicorp’s Long-Term Foreign-Currency Issuer Default Rating to BBB+ from BBB, with a Stable Outlook. The Short-Term IDR was affirmed at F2, aligning Credicorp’s ratings with main subsidiary Banco de Crédito del Perú.

Why did Fitch upgrade Credicorp’s credit rating to BBB+?

Fitch cited low double leverage of 99.6%, strong liquidity management, and solid performance at Banco de Crédito del Perú. Diversified earnings across banking, insurance, pensions, and microfinance also support Credicorp’s ability to meet financial commitments over time.

What does Fitch say about Credicorp’s asset quality?

Fitch reports an impaired loans ratio of 5.9% in 2025, improving to 4.3% by March 31, 2026. Loan impairment charges/average gross loans decreased to 1.7% in 2025 and 1.3% annualized, indicating manageable credit costs after prior stress.

How strong is Credicorp’s funding and liquidity profile?

Credicorp benefits from a low-cost, diversified funding base, with gross loans/customer deposits improving to 85.6% by March 31, 2026. Fitch highlights prudent liquidity management and good capital-market access as key supports for the upgraded rating.

What could trigger future rating changes for Credicorp?

Credicorp’s ratings move in tandem with Banco de Crédito del Perú. Fitch notes downside risks from double leverage sustained above 1.2x, weaker holding-company liquidity, or reduced dividend flows, while upgrades would track further positive rating actions on BCP.

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