<SEC-DOCUMENT>0001140361-22-010589.txt : 20220323
<SEC-HEADER>0001140361-22-010589.hdr.sgml : 20220323
<ACCEPTANCE-DATETIME>20220322190805
ACCESSION NUMBER:		0001140361-22-010589
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20220321
FILED AS OF DATE:		20220323
DATE AS OF CHANGE:		20220322

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:		22761158

	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>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>brhc10035534_6k.htm
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center; font-size: 12pt;">Washington, D.C. 20549</div>
      <div style="color: #000000; font-weight: bold; text-align: center;"> <br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 6-K</div>
      <div style="text-align: center;"><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Report of Foreign Private Issuer</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Pursuant to Rule 13a-16 or 15d-16 under the</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Securities Exchange Act of 1934</div>
      <div style="text-align: center;"><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">For the month of March 2022</div>
      <div style="text-align: center;"><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Commission File Number: 001-14014</div>
      <div style="text-align: center;"><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt; font-weight: bold;">CREDICORP LTD.</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">(Translation of registrant&#8217;s name into English)</div>
      <div style="text-align: center;"><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Of our subsidiary</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Banco de Credito del Peru:</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Calle Centenario 156</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">La Molina</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Lima 12, Peru</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">(Address of principal executive office)</div>
      <div><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
      <div><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Form 20-F &#9746; Form 40-F &#9744;</div>
      <div><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="color: rgb(0, 0, 0);">&#160;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): &#9744;</div>
      <div><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="color: rgb(0, 0, 0);">&#160;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): &#9744;</div>
      <div><font style="color: rgb(0, 0, 0);"> </font><br>
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      <div style="text-align: justify;">March 21, 2022</div>
      <div><br>
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      <div style="text-align: justify;">Securities and Exchange Commission - SEC</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Re.: MATERIAL EVENT</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Dear Sirs:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">We hereby notify you as a Material Event that the company S&amp;P Global Ratings has confirmed the credit rating of Credicorp Ltd. (Credicorp) at 'BBB' and the outlook at negative. Also, as a result of the change in
        rating and outlook for long-term sovereign ratings on Peru, the rating agency has changed the credit rating from 'BBB+' to 'BBB' and the outlook from negative to stable of 7 Peruvian financial entities, including Banco de Credito del Peru (BCP),
        BCP Panama and Mibanco, Banco de la Microempresa, subsidiaries of Credicorp.</div>
      <div><br>
      </div>
      <div style="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 Events 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, nor should they be seen as a recommendation to buy shares or any other securities of Credicorp. Credicorp accepts no liability for the completeness, timeliness, accuracy or selection of such information.</div>
      <div><br>
      </div>
      <div style="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.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Sincerely,</div>
      <div><br>
      </div>
      <div style="text-align: justify;">/s/ <u>Miriam B&#246;ttger</u></div>
      <div style="text-align: justify;">Authorized Representative</div>
      <div style="text-align: justify;">Credicorp Ltd.</div>
      <div><br>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">SIGNATURE</div>
      <div><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="text-indent: 29.7pt; color: rgb(0, 0, 0);">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.</div>
      <div><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="text-indent: 29.7pt; color: rgb(0, 0, 0);">Date: March 21, 2022</div>
      <div><font style="color: rgb(0, 0, 0);"> </font><br>
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              <div style="color: rgb(0, 0, 0);">CREDICORP LTD.</div>
              <div style="color: rgb(0, 0, 0);">(Registrant)</div>
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              <div style="color: rgb(0, 0, 0);">By:</div>
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              <div style="color: rgb(0, 0, 0);">/s/ Miriam B&#246;ttger</div>
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              <div style="color: rgb(0, 0, 0); font-weight: bold;">Miriam B&#246;ttger</div>
            </td>
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              <div style="color: rgb(0, 0, 0); font-weight: bold;">Authorized Representative</div>
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        <div style="font-weight: bold;">Seven Peruvian Financial Institutions Downgraded On Same Action On Sovereign, Outlook Stable</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">March 21, 2022</div>
        <div>&#160;</div>
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              <div>On March 18, 2022, S&amp;P Global Ratings lowered its long-term sovereign ratings on Peru--foreign currency to 'BBB' from 'BBB+' and local currency to 'BBB+' from 'A-'. The downgrade reflects the impact of shifting political environment
                on growth and sovereign debt composition.</div>
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              <div>The outlook on the sovereign is now stable, incorporating expectations of maintenance of prudent fiscal management, monetary flexibility, and external position amid favorable conditions for global metals exporters such as Peru.</div>
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              <div>After this action, we're downgrading seven banks operating in the country, reflecting the sovereign credit quality influence on ratings on these banks and the weakening in Peru's capacity to provide support to the entities. The outlook
                on these banks is now stable, reflecting the one on the sovereign.</div>
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              <div>At the same time, we're affirming the ratings on two holding companies, the bulk of operations of which are in Peru. The outlook on both entities remains negative, reflecting the pressures from the negative trend on the economic risk in
                our Banking Industry Country Risk Assessment (BICRA) of Peru.</div>
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      <div>&#160;</div>
      <div>MEXICO CITY (S&amp;P Global Ratings) March 21, 2022--S&amp;P Global Ratings lowered its ratings on Banco de Credito del Peru (BCP), MiBanco, Banco de La Microempresa S.A., Scotiabank Peru S.A.A., Banco BBVA Peru, Banco Internacional del Peru
        S.A.A - Interbank, Corporacion Financiera de Desarrollo S.A. (COFIDE), Fondo Mivivienda S.A. (FMV; see the ratings list below). The outlook on all entities is now stable. At the same time, we affirmed the ratings on Credicorp Ltd. at 'BBB' and
        Intercorp Financial Services Inc. (IFS) at 'BBB-'. The outlook on both entities remains negative.</div>
      <div>&#160;</div>
      <div>The rating action on the financial entities follows the downgrade of the sovereign. Our ratings on Peru limit those on domestic financial institutions, because we don't consider that the entities could withstand a sovereign default scenario,
        given their large exposure to the country in the form of loans and securities. In addition, the deterioration in the sovereign's credit fundamentals reduces its capacity to provide extraordinary government support to the financial system and
        government-related financial entities if needed.</div>
      <div>&#160;</div>
      <div>The downgrade of Peru reflects the erosion of the institutional assessment of the sovereign after a prolonged period of political instability, due to continued tensions between the executive and legislative powers. This has reduced the capacity
        to implement timely policies to maintain growth in the medium term, which we believe weighs on investor confidence, reducing economic growth to a moderate pace. At the same time, we believe that political uncertainty will limit private investment
        plans, while bottlenecks to execute public spending remain.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">PRIMARY CREDIT ANALYST</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Ivana L Recalde</div>
      <div>&#160;</div>
      <div>Buenos Aires</div>
      <div>&#160;</div>
      <div>+ 54 11 4891 2127</div>
      <div>&#160;</div>
      <div>ivana.recalde&#160;@spglobal.com</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">SECONDARY CONTACT</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Sergio A Garibian</div>
      <div>&#160;</div>
      <div>Sao Paulo</div>
      <div>&#160;</div>
      <div>+ 55 11 3039 9749</div>
      <div>&#160;</div>
      <div>sergio.garibian&#160;@spglobal.com</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">SOVEREIGN ANALYST</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Constanza M Perez Aquino</div>
      <div>&#160;</div>
      <div>Buenos Aires</div>
      <div>&#160;</div>
      <div>+ 54 11 4891 2167</div>
      <div>&#160;</div>
      <div>constanza.perez.aquino&#160;@spglobal.com</div>
      <div> <br>
      </div>
      <div> </div>
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      <font style="font-weight: bold;">Seven Peruvian Financial Institutions Downgraded On Same Action On Sovereign, Outlook Stable </font>
      <div style="margin-right: 148.35pt; margin-left: 5.4pt; font-weight: bold;">
        <div>&#160;</div>
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      <div>In addition, the knock-on effect of the pandemic-related pension withdrawals increased reliance on external financing in 2020 and 2021 led to changes in Peru's debt composition, making its debt profile more vulnerable. Foreign
        currency-denominated debt is now 54% of the total (from just above 30% prior to the pandemic), and nonresident holdings of commercial debt account for more than 70%.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">BCP</div>
      <div>&#160;</div>
      <div>The stable outlook on BCP reflects the outlook on Peru, and our expectation that the ratings on the bank will move in tandem with those on the sovereign in the next 12-24 months because of BCP's high exposure to the domestic market. The negative
        trend in the economic risk in our BICRA of Peru could weaken BCP's capitalization metrics, resulting in a downward revision of the bank's stand-alone credit profile (SACP), but not in the final ratings, which are currently limited by those on the
        sovereign. BCP's conservative provisioning and loan guarantees under government programs should help slow the weakening of its asset quality and the increase in credit losses once the deferred loans begin to mature in the second half of the year.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Downside scenario. </font>We could take a negative rating action on BCP if we were to take a similar action on the sovereign.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Upside scenario. </font>We could take a positive rating action on BCP if we were to take a similar action on the sovereign, while the bank's all other rating fundamentals remain
        unchanged. However, this scenario seems unlikely at this point.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">MiBanco</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The stable outlook on MiBanco reflects the one on its owner, BCP. Ratings on MiBanco will move in tandem with those on BCP as long as the former remains an important subsidiary.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Scotiabank Peru</div>
      <div>&#160;</div>
      <div>The stable outlook on Scotiabank Peru reflects the outlook on Peru, and our expectation that the ratings on the bank will move in tandem with those on the sovereign in the next 12-24 months because of its high exposure to the domestic market. We
        consider the bank to be a strategically important subsidiary of Bank of Nova Scotia (BNS), but we don't expect the entity would receive extraordinary support from its parent in case of sovereign distress. We expect tighter underwriting standards,
        adjustment of the loan portfolio, solid provisioning levels, and government loan guarantees to help the bank cope with the impact of deferred loans start coming due as the second half of the year.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Downside scenario. </font>We could take a negative rating action on Scotiabank Peru if we were to take a similar action on the sovereign.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Upside scenario. </font>We could take a positive rating action on Scotiabank Peru if we were to take a similar action on the sovereign. However, this scenario seems unlikely at this point.</div>
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        <div>Seven Peruvian Financial Institutions Downgraded On Same Action On Sovereign, Outlook Stable </div>
        <div style="font-weight: bold;">&#160;</div>
      </div>
      <div style="font-weight: bold;">Banco BBVA Peru</div>
      <div>&#160;</div>
      <div>The stable outlook on Banco BBVA Peru reflects the outlook on Peru, and our expectation that the ratings on the bank will move in tandem with those on the sovereign in the next 12-24 months because of its high exposure to the domestic market. We
        consider the bank to be a strategically important subsidiary of Banco Bilbao Vizcaya Argentaria S.A., but we don't expect the entity would receive extraordinary support from its parent in case of sovereign distress.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Downside scenario. </font>We could take a negative rating action on Banco BBVA Peru if we were to take a similar action on the sovereign.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Upside scenario. </font>We could take a positive rating action on Banco BBVA Peru if we were to take a similar action on the sovereign. But this scenario seems unlikely at this point.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Interbank</div>
      <div>&#160;</div>
      <div>The stable outlook on Interbank in the next 24 months reflects our expectation that it will maintain stable credit fundamentals. A potential weakening of Interbank's intrinsic credit quality wouldn't automatically result in a downgrade because
        of the incorporation of the potential extraordinary support from the sovereign.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Downside scenario. </font>We could lower the ratings in the next 24 months following a downgrade of the sovereign, together with a downward revision of Interbank's SACP by one notch. Also, the rating could fall
        if we were to revise downward the bank's SACP by two notches. However, both scenarios seem less likely at this point.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Upside scenario. </font>We could take a positive rating action on the bank if we were to take a similar action on the sovereign or if revise upward the bank's SACP, but these scenarios seem unlikely at this
        point.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">COFIDE</div>
      <div>&#160;</div>
      <div>The stable outlook on COFIDE in the next 24 months reflects our view that it will remain the government's important financing tool in its plans to restart the domestic infrastructure sector, while COFIDE continues to be a key intermediary of
        loans disbursed to small- to mid-size enterprises through the banking system.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Downside scenario. </font>We could lower the ratings in the next 24 months following a downgrade of the sovereign, or if we were to revise downward COFIDE's SACP by two notches to 'b+'. This could occur
        following deterioration of COFIDE's asset quality that would dent capitalization metrics as well.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Upside scenario. </font>We could raise the ratings on COFIDE in the next 24 months if we were to upgrade the sovereign while the bank's all rating fundamentals remain unchanged. But
        this scenario seems unlikely at this point.</div>
      <div><br>
      </div>
      <div>
        <div style="margin-right: 35.45pt; margin-left: 5.4pt;"> </div>
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                  <div style="font-weight: bold; font-size: 8pt;">www.spglobal.com/ratingsdirect</div>
                </td>
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      <font style="font-weight: bold;">Seven Peruvian Financial Institutions Downgraded On Same Action On Sovereign, Outlook Stable </font>
      <div style="margin-left: 5.4pt; font-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold;">FMV</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The stable outlook on FMV reflects that on the sovereign rating on Peru, given our view that FMV will continue to play an important public policy role in reducing Peru's housing deficit. Therefore, the ratings on FMV
        will likely move in tandem with those on the sovereign.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Downside scenario. </font>We could lower the ratings in the next 24 months following a downgrade of the sovereign, or if we revise downward FMV's SACP by three notches to 'bb'. However, a significant weakening
        of its credit profile is currently unlikely.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Upside scenario. </font>We could raise the ratings on FMV in the next 24 months if we were to upgrade the sovereign, which we believe is unlikely at this point.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Credicorp</div>
      <div>&#160;</div>
      <div>The negative outlook on Credicorp reflects the effects of Peru's deteriorating credit fundamentals, along with those of the financial system, could have on the company's asset portfolio, fundamentals, and dividend stream. Despite operations in
        the region, Credicorp receives a substantial portion of dividends from its Peruvian operations across various financial segments. However, we believe this is tempered by Credicorp's substantial liquid assets that ensures debt service coverage, even
        in a scenario of low dividends.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Upside scenario. </font>We could revise the outlook on Credicorp to stable if we were to revise the banking industry economic risk trend in BICRA to stable, while the entity's credit fundamentals remain
        unchanged.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">IFS</div>
      <div>&#160;</div>
      <div>The negative outlook on IFS reflects the negative trend on the economic risk of Peru's BICRA. We could revise the economic risk score to a weaker category in the next 24 months, putting pressure on IFS's risk-adjusted capital ratio.
        Consequently, we would revise our assessment of IFS's capital and group credit profile, triggering the downgrade of IFS.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">Upside scenario. </font>We could revise the outlook on IFS to stable in the next 24 months if we were to revise the negative trend in the economic risk in BICRA to stable, while the company's rating fundamentals
        remain unchanged.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Environmental, Social, and Governance (ESG) Factors</div>
      <div>&#160;</div>
      <div>ESG factors have no material influence on our credit rating analysis of the financial institutions mentioned above.</div>
      <div>&#160;</div>
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              <div style="font-weight: bold;">Ratings List</div>
            </td>
            <td colspan="2" rowspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
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            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Downgraded; CreditWatch/Outlook Action; Ratings Affirmed</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">To</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">From</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Banco BBVA Peru</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt;">Issuer Credit Rating</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB/Stable/A-2</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB+/Negative/A-2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt;">Senior Unsecured</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB+</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt;">Subordinated</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB-</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Downgraded; CreditWatch/Outlook Action; Ratings Affirmed</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">To</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">From</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Scotiabank Peru S.A.A.</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt;">Issuer Credit Rating</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB/Stable/A-2</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB+/Negative/A-2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Downgraded; CreditWatch/Outlook Action; Ratings Affirmed</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">To</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">From</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Banco de Credito del Peru</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt;">Issuer Credit Rating</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB/Stable/A-2</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB+/Negative/A-2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt;">Senior Unsecured</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB+</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt;">Subordinated</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB-</div>
            </td>
            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>BBB</div>
            </td>
          </tr>

      </table>
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                </td>
                <td style="width: 50%;">
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      <div style="font-weight: bold;"> Seven Peruvian Financial Institutions Downgraded On Same Action On Sovereign, Outlook Stable </div>
      <div style="margin-left: 5.4pt; font-weight: bold;"> <br>
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            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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          <tr>
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          <tr>
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            <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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      <div style="font-size: 8pt;"> <font style="font-weight: bold; font-size: 10pt;">Seven Peruvian Financial Institutions Downgraded On Same Action On Sovereign, Outlook Stable </font></div>
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