<SEC-DOCUMENT>0001104659-21-129711.txt : 20211026
<SEC-HEADER>0001104659-21-129711.hdr.sgml : 20211026
<ACCEPTANCE-DATETIME>20211026062528
ACCESSION NUMBER:		0001104659-21-129711
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20211026
FILED AS OF DATE:		20211026
DATE AS OF CHANGE:		20211026

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDICORP LTD
		CENTRAL INDEX KEY:			0001001290
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14014
		FILM NUMBER:		211345864

	BUSINESS ADDRESS:	
		STREET 1:		CLARENDON HOUSE, 2 CHURCH STREET
		STREET 2:		P.O. BOX HM 666,
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM CX
		BUSINESS PHONE:		5113135140

	MAIL ADDRESS:	
		STREET 1:		CLARENDON HOUSE, 2 CHURCH STREET
		STREET 2:		P.O. BOX HM 666,
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM CX
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2130828d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Report of Foreign Private Issuer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Rule 13a-16 or 15d-16 under the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of October 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number: 001-14014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>CREDICORP LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&#8217;s name into English))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Of our subsidiary </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Banco de Credito del Peru: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calle Centenario 156 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>La Molina </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lima 12, Peru </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
20-F </FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
40-F </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm2130828d1_6k-img09.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">October 21, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission - SEC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re.: MATERIAL EVENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sirs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby notify you as a Material Event that
the company Fitch Ratings has changed the long-term credit risk classification of Credicorp Ltd. from &acute;BBB+&acute; to &acute;BBB&acute;
and the outlook from negative to stable, reflecting the actions taken for Peruvian financial institutions after the modification of the
Sovereign Debt classification. The short-term classification of 'F2' has been confirmed. Finally, the classification of the senior unsecured
notes has been modified from &acute;BBB+&acute; to &acute;BBB&acute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this Form 6-K regarding the
rating of S&amp;P Global Ratings has been disclosed in Peru in conformity with Peruvian law (Article 28 of the Capital Markets Law, approved
by Supreme Decree 093-2002-EF, and by the Regulation of the Disclosure of Material Facts and Reserved Information approved by Resolution
005-2014-SMV/01 of the Peruvian Capital Markets Superintendency). The ratings of S&amp;P Global Ratings do not necessarily represent the
opinion of Credicorp Ltd. nor should they be seen as a recommendation to buy shares or any other securities of Credicorp Ltd. Credicorp
Ltd. accepts no liability for the completeness, timeliness, accuracy or selection of such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this Form 6-K (including any
exhibit hereto) shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934 (the &#8216;Exchange
Act&#8217;) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 50%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Miriam B&ouml;ttger</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Representative</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credicorp Ltd.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">21 OCT 2021</FONT></TD>
    <TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="tm2130828d1_6k-img01.jpg" ALT="" STYLE="width: 140px; height: 37px"></FONT></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 64pt 0pt 0"><B>Fitch Takes Actions on Peruvian FIs Following Sovereign
Downgrade</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">Fitch Ratings - New York - 21 Oct 2021: Fitch Ratings has taken
selected actions on Peruvian Financial Institutions (FI) following Peru's sovereign downgrade to 'BBB' from 'BBB+'; Rating Outlook Revised
to Stable. The review also follows Fitch's adjustment of its operating environment (OE) assessment for Peruvian FIs to 'bbb-'/Stable from
'bbb'/Negative. For additional details on the sovereign rating action see &quot;Fitch Downgrades Peru to 'BBB' from 'BBB+'; Outlook Revised
to Stable&quot; at www.fitchratings.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 34pt 0pt 0">Fitch believes the current Peruvian OE has a high influence
on the banks' financial profiles. The stabilization of the OE mirrors the Stable Outlook of the sovereign rating and indicates that Fitch
expects any modest additional fallout from the rapidly developing external shocks and political uncertainty could be absorbed by the current
OE level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This review includes Peruvian FIs with Viability Ratings (VR) and Issuer
Default Ratings (IDRs) rated at the same level, or one or two notches below the sovereign. Fitch believes ratings are sensitive to the
OE deterioration, or further actions on the sovereign rating. Furthermore, the agency will not rate Peruvian FIs higher than the sovereign
rating, based on their current intrinsic credit profiles, except for those with highly rated parents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Key Rating Drivers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STATE-OWNED FINANCIAL INSTITUTIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0">The downgrade on Corporacion Financiera de Desarrollo S.A.
(Cofide) and Fondo Mivivienda S.A. (FMV) IDRs mirror the respective downgrade on the Peruvian Sovereign IDRs, since these are support
driven by the government. The Outlooks of these entities were revised to Stable, in line to that of Peru. Cofide and FMV's Long- and Short-Term
IDRs are fully aligned with the sovereign, reflecting Fitch's assessment of the government's willingness and capacity to provide timely
support if needed. Fitch views these entities as an integral arm of the state given their importance to the implementation of the government's
National Development Plan and the majority ownership by the state. Peru's ability to support these entities is reflected in its sovereign
rating (BBB/Stable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Unsecured Debt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26pt 0pt 0">Cofide and FMV's senior unsecured debt rating were also downgraded
to 'BBB' from 'BBB+', as the likelihood of default for the debt issuance is the same as the likelihood of a default for the bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subordinated debt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">Cofide's subordinated bonds were downgraded to 'BB+' from 'BBB-'.
These bonds are plain vanilla and in Fitch's opinion, their probability of nonperformance is equivalent to that of Cofide's senior bonds,
but they would incur a higher loss in case of default due to their subordinated nature. Considering the subordinated debt's features,
Fitch does not believe there is a meaningful source of loss severity mitigation for these securities upon default, and so they are rated
two notches below the bank's IDR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Support Rating (SR) and Support Rating Floor (SRF)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 0">The SR was affirmed at '2' and SRF revised to 'BBB' from 'BBB+'
for Cofide and FMV due to the sovereign's reduced ability to provide support after the recent downgrade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PRIVATE SECTOR BANKS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Banco de Credito del Peru S.A. (BCP) and Banco BBVA Peru's VRs drive
their IDRs, and therefore, are sensitive to the OE. The downgrade of the Long-Term IDRs of BCP and BBVA Peru to 'BBB' from 'BBB+' reflect
the recent downgrade of Peru's ratings, as these bank ratings are constrained by the sovereign's ratings based on their current intrinsic
credit profiles. The Short-Term ratings were affirmed at 'F2' due to their strong funding and liquidity profiles and in the case of BBVA
Peru also supported by the higher rating of its parent company (BBVA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0">BCP and BBVA Peru's subordinated debt ratings were downgraded
to 'BB+', reflecting its baseline notching for loss-severity of two notches from the entities' VRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20pt 0pt 0">Banco Internacional del Peru S.A.A. (Interbank) 's ratings
were affirmed at 'BBB', and the Outlook on the IDRs was revised to Stable from Negative, in line with the OE trend and given that no further
deterioration on the financial profile is expected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">Banco Interamericano de Finanzas S.A. (BanBif)'s ratings were
downgraded to 'BB+' from 'BBB-' for the Long-Term, mirroring the action on the OE as it is a high influence factor for the VR, and to
maintain the relativity in respect to the sovereign rating and the OE due its more limited company profile and tight capital metrics.
BanBif's Fitch Core Capital (FCC)/risk weighted assets (RWA) ratio of 8.15% at June 2021 remains under pressure due to its limited capital
size, narrow earnings and pressures on RWA leaving limited headroom over the medium-term. The Short-Term IDRs were downgraded to 'B' from
'F3'.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0">Fitch has taken rating actions on Scotiabank Peru S.A.A.'s
(SBP) ratings, whose IDRs are support driven from its parent, Bank of Nova Scotia's (BNS; AA-/Negative). Fitch has downgraded the bank's
Foreign Currency (FC) IDR by one notch to 'BBB+' from 'A-', as it is capped by Peru's country ceiling at 'BBB+'. The downgrade on SBP's
Local Currency (LC) IDR to 'A-' from 'A' mirrors the current downgrade on the sovereign LC IDR, since Fitch will likely maintain a maximum
of two-notch difference between these two ratings. Based on the subsidiary's role in the group and its integration with the parent, Fitch
considers SBP a strategically important subsidiary for BNS. According to Fitch's assessment of support, SBP's ratings are highly influenced
by the Peruvian country risk, which captures the transfer and convertibility risks, reflected in the Country Ceiling of 'BBB+' and constrains
Fitch's assessment of the ability of the shareholder to support its subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0">SBP's VR is highly influenced by the challenging OE. The downgrade
of SBP's VR reflects the recent downgrade of Peru's ratings, as this bank is constrained by the sovereign's ratings based on its current
intrinsic credit profile. SBP's subordinated debt rating was downgraded to 'BBB' from 'BBB+' to maintain the relativity of one notch below
what Fitch considers the appropriate anchor rating, the bank's own support-driven Long-Term FC IDR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credicorp Ltd and Intercorp Financial Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credicorp Ltd (Credicorp)'s IDRs are driven primarily by the IDR of
its main subsidiary, BCP, which has a <FONT STYLE="font: 10pt Times New Roman, Times, Serif">strong business and financial
profile. The long-Term&nbsp;&nbsp;IDR and Outlook are equalized to BCP's due to the low double leverage at the holding company, strong
liquidity management at Credicorp, 97% subsidiary ownership of BCP, and the long track record of significant dividend flows that provide
the bulk of Credicorp's liquidity. The senior global debt rating is at the same level as Credicorp's Long-Term IDRs, as the likelihood
of a default of the notes is the same as Credicorp's. The Short-Term IDRs were affirmed at 'F2', aligned to that of BCP, as Fitch believes
liquidity is highly fungible among Credicorp and BCP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ratings assigned to Intercorp Financial Services Inc. (IFS) reflect the business
and financial profile of its main operating subsidiary, Interbank. IDRs were affirmed at one notch below those of Interbank, reflecting
IFS's separate jurisdiction (Panama), the lack of regulatory focus on IFS on a consolidated basis, and the potential for regulatory restriction
of liquidity upstreaming to IFS in the event of solvency pressures at Interbank. The Outlook was revised to Stable from Negative, in
line with Interbank's Outlook.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RATING SENSITIVITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STATE-OWNED FINANCIAL INSTITUTIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors that could, individually or collectively, lead to positive
rating action/upgrade:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">--An upgrade is highly unlikely in the near future as the IDRs are
constrained by the sovereign rating;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51pt 0pt 0">--Positive Rating actions on Cofide and FMV will mirror any
potential positive change in Peru's sovereign rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors that could, individually or collectively, lead to negative
rating action/downgrade:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">--Cofide and FMV's ratings&nbsp;&nbsp;will</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">mirror any</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">potential negative change in Peru's sovereign ratings;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">--Although
not a baseline scenario, Cofide and FMV's ratings could change if Fitch perceives a decrease in the bank's strategic importance to
the government's public policies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SUPPORT RATING AND SUPPORT RATING FLOOR</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Potential
changes in Cofide and FMV's Support Rating and Support Rating Floor&nbsp;&nbsp;would be driven by a change in Peru's sovereign rating
and/or a change in the expected propensity of support from the </FONT>Peruvian government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Debt and Subordinated Debt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26pt 0pt 0">The Senior and Subordinated notes' ratings are sensitive to
any changes in Cofide and FMV's IDRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26pt 0pt 0">PRIVATE SECTOR BANKS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors that could, individually or collectively, lead to negative
rating action/downgrade:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27pt 0pt 0">--BCP, BBVA Peru, Interbank and BanBif's IDRs are sensitive
to a material deterioration in the local operating environment or a negative sovereign rating action;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">--BCP and BBVA Peru's VRs could be negatively affected if the
banks' asset quality deteriorates significantly causing a sustained decline of the banks' operating performance and capital cushions (a
sustained decline in the bank's FCC/adjusted RWA ratio to less than 10% assuming the maintenance of excess reserves and non-core loss
absorbing capital or operating profit to RWA below 2.5%);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">--BBVA Peru's IDR and its Outlook are driven by its VR and the implied
downside potential on this rating. However, if the VR were downgraded, the Long-Term and Short-Term IDRs could become support-driven and
remain one notch below the parent's Banco Bilbao Vizcaya Argentaria (BBVA), given Fitch's &quot;higher of&quot; approach and Fitch's assessment
of the subsidiary being strategically important. In this latter case, the Outlook or Rating Watch would mirror that of the parent and
the Short-Term IDR will mirror that of the support-driven IDR;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0">--Under Fitch's current support assessment, SBP's IDRs will
likely remain at the level determined by its own VR or one notch below its parent's IDR, whichever is higher, but subject to sovereign
rating and Country Ceiling considerations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0">--Pressure on SBP's VR could arise from a significant asset
quality or profitability deterioration that erodes SBP's reserve and capital cushion, specifically, operating profit/RWA sustained below
its historical average of 2.3% and an FCC ratio below 10%;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0">--Interbank's VR could be downgraded if the bank's asset quality
deteriorates significantly causing a sustained decline of the bank's operating performance to less than 2.0% of RWA and if Interbank's
loss absorption capacity is further pressured, either in the form of an FCC ratio below 10% or a relevant decline in reserve coverage;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 52pt 0pt 0">--BanBif's ratings could be downgraded if the FCC ratio falls
consistently below 8%, especially considering the tighter internal capital generation of the bank (i.e. retained earnings);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 31pt 0pt 0">--The ratings could also be pressured by a material deterioration
of asset quality and profitability metrics due to the disruption of economic activity and financial markets from the coronavirus pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors that could, individually or collectively, lead to positive
rating action/upgrade:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0">--There is limited upside potential for BCP, BBVA Peru, SBP
and Interbank's VRs given the sovereign's current rating and Stable Outlook;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">--Over the medium term, ratings can be upgraded by the confluence
of an improvement of the OE and the financial profile of the banks;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">--BBVA Peru's IDRs could benefit from an improvement of its parent's
ability to provide support, as evidenced by BBVA's IDR;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0">--A rating upgrade on SBP Long-Term LC IDR is unlikely in the
near future. Over the medium term, this rating could be upgraded if the parent's ratings are upgraded, or if Fitch's support assessment
of SBP changes to an equalization of its IDRs with those of the parent but is subject to constraints on the maximum uplift above the sovereign
rating;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 25pt 0pt 0">--While unlikely in the current OE, SBP's Long-Term FC IDR
would be upgraded if Peru's Sovereign Rating and Country Ceiling were to be upgraded;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22pt 0pt 0; text-align: justify">--Positive rating actions could occur
if BanBif demonstrates a capacity to sustain improvements in earnings and asset quality metrics, while also maintaining an FCC ratio greater
than 10% amid the relatively faster loan growth that the bank could have within a better OE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SENIOR AND SUBORDINATED DEBT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14pt 0pt 0">--BCP, BBVA Peru and Interbank's senior debt ratings would
move in line with their respective Long-Term IDRs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0">--BCP, BBVA, and Interbank's subordinated debt ratings will
mirror any action on the banks' respective VRs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 78pt 0pt 0">--SBP subordinated debt ratings would move in line with the
bank's Long-Term FC IDR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 78pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 78pt 0pt 0">CREDICORP LTD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IDRs and Senior Debt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors that could, individually or collectively, lead to positive
rating action/upgrade:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22pt 0pt 0">--An upgrade or change in outlook to Positive in BCP's rating
will mirror in Credicorp Ltd.'s ratings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22pt 0pt 0">Factors that could, individually or collectively, lead to negative rating action/downgrade:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">--Credicorp's IDRs would remain at the same level as BCP's and would
move in tandem with any rating actions on its main operating subsidiary. However, the relativity between these two entities' ratings could
also be affected and the holding company downgraded, in the event of a material and sustained increase in Credicorp's double-leverage
metrics (above 1.2x), but also if Fitch perceives a material weakening of the holding company's liquidity position and its management;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35pt 0pt 0">--Additionally, a change in the dividend flows from the operating
companies or debt levels at the holding company that affects its debt coverage ratios could also be detrimental to its ratings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">--The ratings for Credicorp's senior unsecured debt would move in line
with Credicorp's Long-Term IDR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INTERCORP FINANCIAL SERVICES (IFS)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IDRs and SENIOR DEBT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77pt 0pt 0">Factors that could, individually or collectively, lead to
negative rating action/downgrade:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77pt 0pt 0">--IFS's ratings are sensitive to a change in Interbank's ratings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29pt 0pt 0">--A reduction on the importance of Interbank's role in the
group or increase the complexity of the group's structure;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 57pt 0pt 0">--A material and consistent increase in IFS's common equity
double leverage above 120% or deterioration in its standalone liquidity profile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 95pt 0pt 0">Factors that could, individually or collectively, lead to
positive rating action/upgrade:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 95pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 95pt 0pt 0">DRs and SENIOR DEBT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">--IFS's ratings are sensitive to a positive change in Interbank's ratings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Best/Worst Case Rating Scenario</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">International scale credit ratings of Financial Institutions and Covered
Bond issuers have a best-case <FONT STYLE="font: 10pt Times New Roman, Times, Serif">rating upgrade scenario (defined
as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and
a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions,&nbsp;&nbsp;measured in a negative direction)
of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology
used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/ 10111579</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER
OF RATING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal sources of information used in the analysis are described
in the Applicable Criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Public Ratings with Credit Linkage to other ratings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 120pt 0pt 0">--Cofide and FMV ratings are support driven from Peruvian
Government;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 120pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 120pt 0pt 0">--Scotiabank Peru ratings are support driven from Bank of Nova Scotia;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">--Credicorp Ltd. ratings are linked to Banco de Credito del Peru ratings
as it is its main subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">--Intercorp Financial Services ratings are linked to Interbank ratings
as it is its main subsidiary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ESG Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">Fondo Mivivienda S.A. has an ESG Relevance Score of '4' [+]
for Human Rights, Community Relations, Access &amp; Affordability due to its role in supporting government policies to ensure low income
individuals have access to low cost housing. FMV's is the largest provider of retail mortgage funding in Peru. Fitch's view is that the
essential role FMV play in supporting Peru&acute;s social retail mortgage market boosts its franchise and business model, which has a
positive impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise disclosed in this section, the highest level of ESG
credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit
www.fitchratings.com/esg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fitch Ratings Analysts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Robert Stoll</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Primary Rating Analyst</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 212 908 9155</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fitch Ratings, Inc. Hearst Tower 300 W. 57th Street New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Andres Marquez</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Secondary Rating Analyst</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+60 1 484 6771</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sergio Pena</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Secondary Rating Analyst</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+60 1 443 3643</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Larisa Arteaga</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Secondary Rating Analyst</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 809 563 2481</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Veronica Chau</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Committee Chairperson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+52 81 4161 7069</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Media Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Jaqueline Carvalho</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rio de Janeiro</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+55 21 4503 2623</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">jaqueline.carvalho@thefitchgroup.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rating Actions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 27%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENTITY/DEBT</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 14%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RATING</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 14%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 20%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 12%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RECOVERY</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 13%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PRIOR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Banco Interamericano de Finanzas S.A.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BB+ <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB-<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">B</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BB+ <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB-<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">B</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Viability</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bb+</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bbb-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support Floor</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BB-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BB-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Credicorp Ltd.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;senior unsecured</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Banco BBVA Peru</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 27%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENTITY/DEBT</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 14%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RATING</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RECOVERY</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PRIOR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Viability</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bbb</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bbb+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;senior unsecured</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;subordinated</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BB+</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Corporacion Financiera de Desarrollo S.A. (COFIDE)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT> <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support Floor</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support Rating Floor Revision</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;senior unsecured</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 27%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENTITY/DEBT</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 14%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RATING</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RECOVERY</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PRIOR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;subordinated</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BB+</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Intercorp Financial Services Inc</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB- <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB-<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB- <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB-<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;senior unsecured</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fondo Mivivienda S.A.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support Floor</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support Rating Floor Revision</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;senior unsecured</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 27%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENTITY/DEBT</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 14%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RATING</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RECOVERY</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PRIOR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Banco Internacional del Peru S.A.A. - Interbank</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Viability</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bbb</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bbb</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support Floor</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support Rating Floor Revision</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;senior unsecured</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;subordinated</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BB+</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BB+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Banco de Credito del Peru S.A.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F2</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 27%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENTITY/DEBT</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 14%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RATING</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RECOVERY</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PRIOR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Viability</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bbb</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bbb+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support Floor</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support Rating Floor Revision</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;senior unsecured</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;subordinated</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BB+</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Scotiabank Peru S.A.A.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+ <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A-<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC LT IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A- <IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LC ST IDR</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Viability</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bbb</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bbb+</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Support</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affirmed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.375in; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;subordinated</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LT</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Downgrade</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BBB+</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RATINGS KEY</B></FONT></TD>
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OUTLOOK</B></FONT></TD>
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WATCH</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>POSITIVE</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;&nbsp;<IMG SRC="tm2130828d1_6k-img03.jpg" ALT=""></TD>
    <TD STYLE="text-align: center">&nbsp;<IMG SRC="tm2130828d1_6k-img06.jpg" ALT=""></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEGATIVE</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;<IMG SRC="tm2130828d1_6k-img04.jpg" ALT=""></TD>
    <TD STYLE="text-align: center">&nbsp;<IMG SRC="tm2130828d1_6k-img07.jpg" ALT=""></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EVOLVING</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;<IMG SRC="tm2130828d1_6k-img05.jpg" ALT=""></TD>
    <TD STYLE="text-align: center">&nbsp;<IMG SRC="tm2130828d1_6k-img08.jpg" ALT=""></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STABLE</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;<IMG SRC="tm2130828d1_6k-img02.jpg" ALT=""></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<!-- Field: Page; Sequence: 12 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Applicable Criteria</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bank Rating Criteria (pub.28 Feb 2020) (including rating assumption
sensitivity)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Future Flow Securitization Rating Criteria (pub.04 May 2021) (including
rating assumption sensitivity)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Disclosures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Solicitation Status</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Endorsement Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Banco
    BBVA Peru</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left"><FONT STYLE="font-size: 10pt">EU Endorsed, UK
    Endorsed</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Banco de
    Credito del Peru S.A.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EU Endorsed, UK Endorsed</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Banco Interamericano
    de Finanzas S.A.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EU Endorsed, UK Endorsed</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Banco Internacional
    del Peru S.A.A. - Interbank</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EU Endorsed, UK Endorsed</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Corporacion
    Financiera de Desarrollo S.A. (COFIDE)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">EU Endorsed, UK Endorsed</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Credicorp
    Ltd.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EU Endorsed, UK Endorsed</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Fondo Mivivienda
    S.A.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EU Endorsed, UK Endorsed</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Intercorp
    Financial Services Inc</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EU Endorsed, UK Endorsed</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Scotiabank
    Peru S.A.A.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EU Endorsed, UK Endorsed</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Disclaimer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">ALL 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 <FONT STYLE="font-size: 10pt">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</FONT>/ SITE/REGULATORY<FONT STYLE="font-size: 10pt">. FITCH MAY HAVE
PROVIDED ANOTHER PERMISSIBLE SERVICE OR ANCILLARY SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF PERMISSIBLE
SERVICE(S) FOR WHICH THE LEAD ANALYST IS BASED IN AN ESMA- OR FCA-REGISTERED FITCH RATINGS COMPANY (OR BRANCH OF SUCH A COMPANY) OR
ANCILLARY SERVICE(S) CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH RATINGS WEBSITE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Copyright</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Copyright &copy; 2021 by Fitch Ratings, Inc., Fitch Ratings Ltd. and
its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or
retransmission in whole or in part is prohibited except by permission. All rights reserved. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information in this report is provided &quot;as is&quot; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 0">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 0">Fitch Ratings, Inc. is registered with the U.S. Securities
and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the &quot;NRSRO&quot;). 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 &quot;non-NRSROs&quot;)
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Endorsement policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fitch&rsquo;s international credit ratings produced outside the EU
or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes,
pursuant to the terms of the EU CRA Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case
may be. Fitch&rsquo;s approach to endorsement in the EU and the UK can be found on Fitch&rsquo;s Regulatory Affairs page on Fitch&rsquo;s
website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and
in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 29.7pt">Date: October 21, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72.8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CREDICORP LTD.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant)&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Miriam B&ouml;ttger</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Miriam B&ouml;ttger</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authorized Representative</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72.8pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72.8pt">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
