<SEC-DOCUMENT>0001140361-22-045724.txt : 20221215
<SEC-HEADER>0001140361-22-045724.hdr.sgml : 20221215
<ACCEPTANCE-DATETIME>20221215171528
ACCESSION NUMBER:		0001140361-22-045724
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20221215
FILED AS OF DATE:		20221215
DATE AS OF CHANGE:		20221215

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:		221465653

	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>brhc10045491_6k.htm
<DESCRIPTION>6-K
<TEXT>
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  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
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  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
  <div style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
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  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Report of Foreign Private Issuer</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to Rule 13a-16 or 15d-16 under the</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Securities Exchange Act of 1934</div>
  <div style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </font></div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">For the month of December 2022</div>
  <div style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </font></div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Commission File Number: 001-14014</div>
  <div style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
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  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 24pt; font-weight: bold;">CREDICORP LTD.</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(Translation of registrant&#8217;s name into English)</div>
  <div style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </font></div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Of our subsidiary</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Banco de Credito del Peru:</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Calle Centenario 156</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">La Molina</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Lima 12, Peru</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(Address of principal executive office)</div>
  <div><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </font></div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
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  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Form 20-F &#9746; Form 40-F &#9744;</div>
  <div><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </font></div>
  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#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): ____</div>
  <div><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
    </font></div>
  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#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): ____</div>
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  <div style="font-family: 'Times New Roman'; font-size: 10pt;">December 15, 2022</div>
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  <div style="font-family: 'Times New Roman'; font-size: 10pt;">Securities and Exchange Commission &#8211; SEC</div>
  <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
  </div>
  <div style="font-family: 'Times New Roman'; font-size: 10pt;">Re.: MATERIAL EVENT</div>
  <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
  </div>
  <div style="font-family: 'Times New Roman'; font-size: 10pt;">Dear Sirs:</div>
  <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
  </div>
  <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Credicorp Ltd. (&#8220;Credicorp&#8221;) hereby notify you as a Material Event that the company S&amp;P Global Ratings has affirmed Credicorp&#8217;s credit rating at &#8216;BBB&#8217; and negative
    outlook. S&amp;P Global Ratings decided to communicate this and other actions to a group of Peruvian financial institutions after having changed the outlook on Peru to negative from stable.</div>
  <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
  </div>
  <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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 style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
  </div>
  <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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 style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
  </div>
  <div style="font-family: 'Times New Roman'; font-size: 10pt;">Sincerely,</div>
  <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
  </div>
  <div style="font-family: 'Times New Roman'; font-size: 10pt;">/s/ <u>Miriam B&#246;ttger</u></div>
  <div style="font-family: 'Times New Roman'; font-size: 10pt;">Authorized Representative</div>
  <div style="font-family: 'Times New Roman'; font-size: 10pt;">Credicorp Ltd.</div>
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  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURE</div>
  <div><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
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  <div style="text-indent: 29.7pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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>
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  <div style="text-indent: 29.7pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Date: December 15, 2022</div>
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          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">CREDICORP LTD.</div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(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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        <td style="width: 5%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
        <td style="width: 35%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">Miriam B&#246;ttger</div>
        </td>
        <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
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        <td style="width: 35%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">Authorized Representative</div>
        </td>
        <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10045491_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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        <div style="text-align: right;"><font style="font-weight: bold; font-size: 10pt;">Exhibit 99.1</font><font style="font-size: 10pt;"><br>
          </font></div>
        <div style="font-size: 10pt;"><font style="font-weight: bold;"> <br>
          </font></div>
        <font style="font-weight: bold; font-size: 10pt;"> </font>
        <table cellspacing="0" cellpadding="0" border="0" id="z084de60d68344f8898fe47f74baaf413" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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                <div>&#160;<img src="image00007.jpg"></div>
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                <div>&#160;<img src="image00008.jpg"></div>
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        <div> <font style="font-size: 10pt;"><br>
          </font></div>
        <div>
          <div style="font-size: 10pt; font-weight: bold;">Outlooks On Four Peruvian Financial Institutions Revised To Negative From Stable On Same Action On Sovereign</div>
          <div style="font-size: 10pt;">&#160;</div>
          <div style="font-size: 10pt; font-weight: bold;">December 14, 2022</div>
          <div style="font-size: 10pt; font-weight: bold;"> <br>
          </div>
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                      <div>On Dec. 12, 2022, S&amp;P Global Ratings revised its outlook on Peru to negative from stable after the most recent change in power and reflecting the risks stemming from the enduring political standstill and challenging
                        relationship between the country's executive and legislative branches of government. These risks threaten to weaken the government's capacity to implement timely policies to support robust private investment and economic growth.</div>
                    </td>
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              <div style="font-size: 10pt;">&#160;</div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z53de53556ed64c23af687e76effd3697">

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                      <div>Following this action, we revised the outlooks to negative from stable on four banks operating in the country that we rate at the same level as the sovereign. We rarely rate financial institutions higher than the sovereign where
                        they operate because we consider it unlikely that these institutions would remain unaffected by developments in domestic economies.</div>
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              <div style="font-size: 10pt;">&#160;</div>
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                      <div>We also affirmed the ratings on two holding companies that are significantly exposed to Peru and that already have negative outlooks. In addition, we affirmed the ratings and stable outlooks on two entities that we rate below the
                        sovereign.</div>
                    </td>
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              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">SAO PAULO (S&amp;P Global Ratings) Dec. 14, 2022--S&amp;P Global Ratings today revised the outlooks to negative from stable and affirmed the ratings on four Peruvian banks: Banco de Credito del Peru (BCP),
                MiBanco Banco de La Microempresa S.A. (MiBanco), Scotiabank Peru S.A.A., and Banco BBVA Peru. At the same time, we affirmed the ratings and negative outlooks on two Peru-based holding companies, Credicorp Ltd. and Intercorp Financial
                Services Inc. (IFS). Finally, we affirmed the ratings and stable outlooks on Banco Internacional del Peru S.A.A. - Interbank and Corporacion Financiera de Desarrollo S.A. (COFIDE). Refer to the rating list below for more details.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">The rating actions on the financial entities follow our revision of the outlook on Peru (foreign currency: BBB/Negative/A-2; local currency: BBB+/Negative/A-2) to negative from stable. The prolonged political
                impasse between Peru's executive and legislative powers has, in our view, limited the government's capacity to implement economic policies on a timely basis. While we believe still solid economic institutions limit downside risk, political
                volatility limits government capacity to promote growth and tackle long-standing structural productivity issues, such as a large informal sector and infrastructure investment. The country's relatively favorable external and fiscal profiles
                remain vulnerable to adverse political developments that could result in further erosion in investment or in poor economic policies, under a more extreme scenario.</div>
            </div>
          </div>
          <div class="BRPFTCR" style="float: right; width: 28%;">
            <div>
              <div style="color: rgb(213, 0, 41); font-size: 10pt; font-weight: bold;">PRIMARY CREDIT ANALYST</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;">Ivana L Recalde</div>
              <div style="font-size: 10pt;">Buenos Aires</div>
              <div style="font-size: 10pt;">+ 54 11 4891 2127</div>
              <div style="font-size: 10pt;">ivana.recalde&#160;@spglobal.com</div>
              <div style="font-size: 8pt;"> <font style="font-size: 10pt;"><br>
                </font></div>
              <div style="color: rgb(213, 0, 41); font-size: 10pt; font-weight: bold;">SECONDARY CONTACT</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;">Sergio A Garibian</div>
              <div style="font-size: 10pt;">Sao Paulo</div>
              <div style="font-size: 10pt;">+ 55 11 3039 9749</div>
              <div style="font-size: 10pt;">sergio.garibian&#160;@spglobal.com</div>
            </div>
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                    <div>www.spglobal.com/ratingsdirect</div>
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                    <div style="text-align: right;"><font style="font-weight: bold; font-size: 8pt;">&#160;December 14, 2022</font><br>
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              <div style="font-weight: bold;">Outlooks On Four Peruvian Financial Institutions Revised To Negative From Stable On Same Action On Sovereign</div>
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              <div style="font-size: 10pt; font-weight: bold;"> <br>
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              <div style="font-size: 10pt; font-weight: bold;">Our Banking Industry Country Risk Assessment (BICRA) Of Peru Incorporates Impact Of Political Volatility</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">Our bank criteria use our BICRA's economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating. For Peru, our anchor for a commercial bank operating
                only in the country is 'bbb-'. Peru's economic risk trend is negative, reflecting the downside risks for growth and investments from continued political volatility amid the ongoing recovery from the pandemic's effects. We could weaken our
                assessment of the BICRA's economic risk if the ongoing political developments significantly dent resilience in the economy, hurting banks' operating performance and asset quality. We will also monitor if the additional withdrawals of
                pension funds have implications for the banking industry. If the negative economic risk trend materializes, the starting point (anchor) when assigning a rating to a financial institution that operates in Peru would remain 'bbb-'. However,
                the higher economic risk score, which calibrates the risk weights for our risk-adjusted capital (RAC) framework, could lead to higher risk charges, and therefore, lower the RAC ratios for some financial institutions operating in the
                country. This would affect the stand-alone credit profiles (SACPs) and/or our ratings on these entities.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">In our view, Peru's industry risk trend remains stable. We expect the Peruvian banking system's funding structure to remain healthy and for its regulator and central bank to continue introducing regulation in a
                proactive matter as needed, while shifting away from the measures introduced to contain the impact of the pandemic on the financial system. We also expect profitability remain resilient and to continue recovering to pre-pandemic levels.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">Environmental, social, and governance factors have no influence on the abovementioned rating actions.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;"><a name="Outlook"></a>Outlook</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;"><a name="BCP"></a>BCP</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">The negative outlook on BCP reflects the outlook on Peru. We could lower the sovereign ratings if prolonged political impasse or further adverse developments reduce the predictability of policymaking or worsen
                institutional stability, auguring badly for economic policy outcomes.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">On the other hand, if higher risks materialize that damage the operating conditions for banks in Peru--indicated by a downward revision of the BICRA economic risk score--it could hurt the bank's capitalization
                and intrinsic credit fundamentals, but not the ratings.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;">Downside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">We expect 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. We rarely rate financial institutions higher
                than the sovereign where they operate because we consider it unlikely that these institutions would remain unaffected by developments in domestic economies.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;">Upside scenario</div>
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            <div>&#160;</div>
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              <div>
                <div style="margin-left: 1pt; font-size: 10pt; font-weight: bold;">Outlooks On Four Peruvian Financial Institutions Revised To Negative From Stable On Same Action On Sovereign</div>
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              <div style="font-size: 10pt;">We could revise the outlook on BCP to stable if we were to take a similar action on the sovereign.</div>
              <div style="font-size: 10pt;"><br>
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              <div style="font-size: 10pt; font-weight: bold;"><a name="MiBanco_"></a>MiBanco</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">The negative outlook on MiBanco reflects that on its parent, BCP, as long as the former remains a core subsidiary to the group.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;">Downside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">We could downgrade MiBanco in the next 24 months if we take the same action on BCP, which in turn could happen if we downgrade Peru.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;">Upside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">We could revise the outlook on MiBanco to stable if we were to take a similar action on BCP.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;"><a name="Scotiabank_Peru"></a>Scotiabank Peru</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">The negative outlook on Scotiabank Peru reflects the outlook on Peru. We could lower the sovereign ratings if prolonged political impasse or further adverse developments reduce the predictability of policymaking
                or worsen institutional stability, auguring badly for economic policy outcomes.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">On the other hand, a downward revision of the bank's SACP (for instance, because of lower capitalization or higher credit risks) wouldn't result in a downgrade, given that Scotiabank Peru is a strategically
                important subsidiary that could receive group support, which could result in up to three notches of uplift to the rating above Scotiabank Peru's SACP.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;">Downside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="text-align: justify; font-size: 10pt;">We expect that the ratings on the bank will move in tandem with those on the sovereign in the next 12-24 months because of Scotiabank Peru's high exposure to the domestic market. We rarely
                rate financial institutions higher than the sovereign where they operate because we consider it unlikely that these institutions would remain unaffected by developments in domestic economies.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;">Upside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="text-align: justify; font-size: 10pt;">We could revise the outlook on Scotiabank Peru to stable if we were to take a similar action on the sovereign.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;"><a name="Banco_BBVA_Peru"></a>Banco BBVA Peru</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">The negative outlook on Banco BBVA Peru reflects the outlook on Peru. We could lower the sovereign ratings if prolonged political impasse or further adverse developments reduce the predictability of policymaking
                or worsen institutional stability, auguring badly for economic policy outcomes.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">On the other hand, A downward revision of the bank's SACP (for instance, because of lower</div>
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            <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-family: Arial; font-size: 7pt; font-weight: normal; font-style: normal;">3</font></div>
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              <div>
                <div style="margin-left: 1pt; font-size: 10pt; font-weight: bold;">Outlooks On Four Peruvian Financial Institutions Revised To Negative From Stable On Same Action On Sovereign</div>
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              <div style="font-size: 10pt;">capitalization or higher credit risks) wouldn't result in a downgrade, given that Banco BBVA Peru is a strategically important subsidiary that could receive group support, which could result in up to three
                notches of uplift to the rating above the bank's SACP.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;">Downside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">We expect that the ratings on the bank will move in tandem with those on the sovereign in the next 12-24 months because of Banco BBVA Peru 's high exposure to the domestic market. We rarely rate financial
                institutions higher than the sovereign where they operate because we consider it unlikely that these institutions would remain unaffected by developments in domestic economies.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;">Upside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">We could revise the outlook on Banco BBVA Peru to stable if we were to take a similar action on the sovereign.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;"><a name="Interbank"></a>Interbank</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">The stable outlook on Interbank in the next 24 months reflects our expectation that it will maintain stable credit fundamentals.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">A potential downgrade of Peru wouldn't directly affect Interbank because we already rate it below the sovereign.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;">Downside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">We could lower the ratings if we downgrade Peru, together with a downward revision of Interbank's SACP by one notch. However, we don't consider this scenario likely at this point.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;">Upside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">We could take a positive rating action on the bank if we were to revise upward its SACP due to consistent strengthening in its capital.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;"><a name="IFS"></a>IFS</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">The negative outlook on IFS reflects the potential effects of Peru's deteriorating credit fundamentals, along with those of the financial system, on the company's asset portfolio, fundamentals, and dividend
                stream. The outlook also incorporates the negative trend of the economic risk in Peru's BICRA that could pressure IFS's RAC ratio.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;">Downside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">We could lower the ratings if the deterioration in business conditions results in a significant weakening in dividend flows received by the holding company. We could also downgrade IFS if higher risks materialize
                that damage the operating conditions for banks in Peru--indicated by a downward revision of the BICRA's economic risk score--hurting the bank's capitalization and intrinsic credit fundamentals.</div>
            </div>
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            <div class="BRPFPageNumberArea" style="text-align: right;"><font class="BRPFPageNumber" style="font-family: Arial; font-size: 7pt; font-weight: normal; font-style: normal;">4</font></div>
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              <div>
                <div style="margin-left: 1pt; font-size: 10pt; font-weight: bold;">Outlooks On Four Peruvian Financial Institutions Revised To Negative From Stable On Same Action On Sovereign</div>
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              <div style="font-size: 10pt; font-weight: bold;">Upside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="text-align: justify; font-size: 10pt;">We could revise the outlook on IFS to stable in the next 18-24 months if we take a similar action on the sovereign or if capitalization metrics improve, enabling IFS to withstand a potential
                revision of the BICRA's economic risk score to a weaker category.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;"><a name="Credicorp"></a>Credicorp</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">The negative outlook on Credicorp reflects the potential effects of Peru's deteriorating credit fundamentals, along with those of the financial system, on the company's asset portfolio, fundamentals, and dividend
                stream. Credicorp receives a substantial portion of dividends from its Peruvian operations across various financial segments. However, Credicorp has substantial liquid assets that ensure debt service coverage, even in a scenario of low or
                no dividends.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;">Downside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">A downgrade of Peru in the next 24 months could trigger a similar action on Credicorp.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;">Upside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">We could revise the outlook on Credicorp to stable if we were to take a similar action on the sovereign, while the entity's credit fundamentals remain unchanged.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt; font-weight: bold;"><a name="COFIDE"></a>COFIDE</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">The stable outlook on COFIDE in the next 24 months reflects our expectation that its intrinsic creditworthiness will remain stable, with a RAC ratio above 5% in 2022-2024 even if credit risk charges increase
                following a potential downgrade of the sovereign and a weaker BICRA assessment. In addition, we expect the government to continue providing support to COFIDE given our view that it will remain the government's important financing tool in
                its plans to restart the domestic infrastructure sector, while the entity continues to be a key lending intermediary to small and midsize enterprises.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;"><a name="Downside_scenario"></a>Downside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">We could lower the ratings on COFIDE following a two-notch downgrade of Peru, or if we were to revise downward COFIDE's SACP by two notches to 'b'. We could also downgrade COFIDE if we both downgrade Peru and
                revise down the entity's SACP by one notch. However, we think such scenarios are unlikely for the next two years.</div>
              <div style="font-size: 10pt;"><br>
              </div>
              <div style="font-size: 10pt; font-weight: bold;"><a name="Upside_scenario"></a>Upside scenario</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">An upgrade of the entity is highly unlikely at this point, given the current challenging conditions for the Peruvian government that limit its capacity to provide support to this government entity.</div>
            </div>
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              <div>
                <div style="margin-left: 1pt; font-size: 10pt; font-weight: bold;">Outlooks On Four Peruvian Financial Institutions Revised To Negative From Stable On Same Action On Sovereign</div>
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                        <div style="margin-left: 9pt;">Issuer credit rating</div>
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                        <div>&#160;</div>
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                      <div style="font-size: 8pt;"> <font style="font-size: 10pt;"><br>
                        </font></div>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
