<SEC-DOCUMENT>0001140361-24-023110.txt : 20240429
<SEC-HEADER>0001140361-24-023110.hdr.sgml : 20240429
<ACCEPTANCE-DATETIME>20240429171331
ACCESSION NUMBER:		0001140361-24-023110
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20240426
FILED AS OF DATE:		20240429
DATE AS OF CHANGE:		20240429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDICORP LTD
		CENTRAL INDEX KEY:			0001001290
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14014
		FILM NUMBER:		24892698

	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>ef20027926_6k.htm
<DESCRIPTION>6-K
<TEXT>
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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="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-align: center;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></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="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt;">Report of Foreign Private Issuer</div>
    <div style="text-align: center; color: rgb(0, 0, 0); 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-size: 10pt;">Securities Exchange Act of 1934</div>
    <div style="text-align: center;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">For the month of April 2024</div>
    <div style="text-align: center;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt;">Commission File Number: 001-14014</div>
    <div style="text-align: center;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></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); font-size: 10pt;">(Translation of registrant&#8217;s name into English)</div>
    <div style="text-align: center;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Of our subsidiary</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Banco de Credito del Peru:</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Calle Centenario 156</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">La Molina</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Lima 12, Peru</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt;">(Address of principal executive office)</div>
    <div><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></div>
    <div style="text-align: center; color: rgb(0, 0, 0); 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>
    <div><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt;">Form 20-F &#9746; Form 40-F &#9744;</div>
    <div><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></div>
    <div style="color: rgb(0, 0, 0); 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-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></div>
    <div style="color: rgb(0, 0, 0); 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>
    <div><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font></div>
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    <div style="text-align: justify; font-size: 10pt;"> <img src="image00001.jpg"></div>
    <div style="text-align: justify; font-size: 10pt;"> <br>
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    <div style="text-align: justify; font-size: 10pt;">April 26, 2024</div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; font-size: 10pt;">Securities and Exchange Commission - SEC</div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; font-size: 10pt;">Re.: MATERIAL EVENT</div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; font-size: 10pt;">Dear Sirs:</div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; font-size: 10pt;">We hereby notify you as a Material Event that S&amp;P Global Ratings lowered the credit rating of Credicorp Ltd. (Credicorp) from BBB to BBB- and changed the outlook
      from negative to stable.</div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; font-size: 10pt;">The update on the rating mirrors the action on the long-term sovereign ratings of Peru, which were downgraded from BBB to BBB- and the outlook was changed from negative
      to stable.</div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; 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 30 of the Capital
      Markets Law, approved by Supreme Decree 020-2023-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-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; 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-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; font-size: 10pt;">Sincerely,</div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="text-align: justify; font-size: 10pt;">/s/ <u>Guillermo Morales</u></div>
    <div style="text-align: justify; font-size: 10pt;">Authorized Representative</div>
    <div style="text-align: justify; font-size: 10pt;">Credicorp Ltd.</div>
    <div style="font-size: 10pt;"><br>
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    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">SIGNATURE</div>
    <div><font style="font-size: 10pt; color: rgb(0, 0, 0);"> </font><font style="font-size: 10pt;"><br>
      </font></div>
    <div style="text-indent: 29.7pt; color: rgb(0, 0, 0); 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="color: rgb(0, 0, 0); font-size: 10pt;">Date: April 26, 2024</div>
          </td>
          <td colspan="2" style="vertical-align: top; font-size: 10pt;">&#160;</td>
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          <td colspan="2" style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-size: 10pt;">CREDICORP LTD.</div>
            <div style="color: rgb(0, 0, 0); font-size: 10pt;">(Registrant)</div>
          </td>
          <td style="width: 17%; vertical-align: top; font-size: 10pt;">&#160;</td>
        </tr>
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          <td style="width: 4%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
          <td style="width: 46%; vertical-align: top; font-size: 10pt;">&#160;</td>
          <td colspan="2" style="vertical-align: top; font-size: 10pt;">&#160;</td>
          <td style="width: 17%; vertical-align: top; font-size: 10pt;">&#160;</td>
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          <td style="width: 46%; vertical-align: top; font-size: 10pt;">&#160;</td>
          <td style="width: 3%; vertical-align: top; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0);">By:</div>
          </td>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;">
            <div style="color: rgb(0, 0, 0);">/s/ Guillermo Morales</div>
          </td>
          <td style="width: 17%; vertical-align: top; font-size: 10pt;">&#160;</td>
        </tr>
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          <td style="width: 4%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
          <td style="width: 46%; vertical-align: top; font-size: 10pt;">&#160;</td>
          <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
          <td style="width: 30%; vertical-align: top; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Guillermo Morales</div>
          </td>
          <td style="width: 17%; vertical-align: top; font-size: 10pt;">&#160;</td>
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          <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
          <td style="width: 30%; vertical-align: top; font-size: 10pt;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">Authorized Representative</div>
          </td>
          <td style="width: 17%; vertical-align: top; font-size: 10pt;">&#160;</td>
        </tr>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20027926_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;"><br>
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      <div style="margin-top: 3pt; font-size: 10pt;"><br>
      </div>
      <div style="margin-top: 0.05pt; font-size: 10pt; font-weight: bold;">Six Peruvian Financial Institutions Downgraded Following Same Action On Peru; Outlooks Stable</div>
      <div style="margin-top: 10.25pt; font-size: 10pt; font-weight: bold;">April 26, 2024</div>
      <div style="font-size: 10pt;"><br>
      </div>
    </div>
    <div style="margin-top: 5.55pt; font-size: 10pt; font-weight: bold;">Overview</div>
    <table cellspacing="0" cellpadding="0" id="z20f78f90f27641618069b11400874a1a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; text-align: left; color: rgb(0, 0, 0); margin-top: 8.95pt;">

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          <td style="width: 11.35pt; vertical-align: top; font-size: 10pt;">-</td>
          <td style="width: auto; vertical-align: top; font-size: 10pt;">
            <div>On April 25, S&amp;P Global Ratings lowered its long-term sovereign ratings on Peru--foreign currency to &#8216;BBB-&#8217; from &#8216;BBB&#8217; and local currency to &#8216;BBB&#8217; from &#8216;BBB+&#8217;--reflecting that a fragmented Congress and limited political capital of the
              administration weigh on private-sector investment sentiment and pose an opportunity cost to growth.</div>
          </td>
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    </table>
    <table cellspacing="0" cellpadding="0" id="z023c0609b983411a9e2b5ba58042455e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; text-align: left; color: rgb(0, 0, 0); margin-top: 6.2pt;">

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            <div>We downgraded six financial institutions operating in the country following the action on the sovereign. We rarely rate financial institutions higher than the sovereign where they operate because we consider it unlikely that the
              institutions would remain unaffected by developments in domestic economies.</div>
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          <td style="width: 11.35pt; vertical-align: top; font-size: 10pt;">-</td>
          <td style="vertical-align: top; text-align: justify; font-size: 10pt;">
            <div>The outlooks on these companies are now stable, mirroring the outlook on the sovereign, which incorporates our expectation of a moderate recovery in real GDP, while net general government debt continues to rise but remains below 30% of GDP
              over 2024-2027.</div>
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    <table cellspacing="0" cellpadding="0" id="zef8d594095af460e9458a193489be2b0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; text-align: left; color: rgb(0, 0, 0); margin-top: 6.15pt;">

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          <td style="width: 11.35pt; vertical-align: top; font-size: 10pt;">-</td>
          <td style="vertical-align: top; text-align: justify; font-size: 10pt;">
            <div>At the same time, we affirmed our ratings on two entities that we already rate at the same level as the sovereign, and the outlooks remain stable.</div>
          </td>
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    </table>
    <div style="margin-top: 1.1pt; font-size: 10pt;"><br>
    </div>
    <div style="font-size: 10pt;">MEXICO CITY (S&amp;P Global Ratings) April 26, 2024--S&amp;P Global Ratings today lowered its ratings on Credicorp Ltd., Banco de Credito del Peru (BCP), MiBanco Banco de La Microempresa S.A., Scotiabank Peru S.A.A., Banco
      BBVA Peru, and Intercorp Financial Services Inc. (IFS). The outlooks on all entities are stable. At the same time, we affirmed our ratings on Banco Internacional del Peru S.A.A. - Interbank and Corporacion Financiera de Desarrollo S.A. (COFIDE), and
      the outlooks remain stable. See the ratings list for details.</div>
    <div style="margin-top: 6.75pt;"><font style="font-size: 10pt; font-weight: bold;">The rating actions on the financial entities follow our downgrade of Peru. </font><font style="font-size: 10pt;">This is because we believe the sovereign influences the
        creditworthiness of financial institutions due to the direct and indirect effects sovereign stress would have on banks&#8217; business conditions. S&amp;P Global Ratings lowered its foreign currency ratings on Peru to &#8216;BBB-/A-3&#8217; from &#8216;BBB/A-2&#8217; and its
        local currency ratings to &#8216;BBB/A-2&#8217; from &#8216;BBB+/A-2&#8217;. The outlook on the long-term ratings is stable.</font></div>
    <div style="margin-top: 8.1pt; font-size: 10pt;">We expect Peru&#8217;s complex political landscape will persist in the run-up to the next presidential and Congressional elections. This, in turn, limits the government&#8217;s capacity to implement more timely
      policies to boost the investment and economic growth outlook, in our view. Lingering political uncertainties pose an opportunity cost to growth despite favorable copper prices.</div>
    <div style="margin-left: 5.4pt; margin-top: 6.2pt; font-size: 10pt;"><br>
    </div>
    <div style="margin-top: 0.05pt; color: rgb(213, 0, 41); font-size: 10pt; font-weight: bold;">PRIMARY CREDIT ANALYST</div>
    <div style="margin-top: 0.2pt; font-size: 10pt;"><br>
    </div>
    <div style="font-size: 10pt; font-weight: bold;">Camilo Andres Perez</div>
    <div style="margin-top: 3.8pt; font-size: 10pt;">Mexico City</div>
    <div style="margin-top: 3.05pt; font-size: 10pt;">+ 52 55 5081 4446</div>
    <div style="margin-top: 3.1pt; font-size: 10pt;">camilo.perez@spglobal.com</div>
    <div style="margin-top: 6.65pt; color: rgb(213, 0, 41); font-size: 10pt; font-weight: bold;">SECONDARY CONTACT</div>
    <div style="margin-top: 0.2pt; font-size: 10pt;"><br>
    </div>
    <div style="font-size: 10pt; font-weight: bold;">Ivana L Recalde</div>
    <div style="margin-top: 3.8pt; font-size: 10pt;">Buenos Aires</div>
    <div style="margin-top: 3.05pt; font-size: 10pt;">+ 54 11 4891 2127</div>
    <div style="margin-top: 3.1pt; font-size: 10pt;">ivana.recalde@spglobal.com</div>
    <div style="font-size: 10pt;"><br>
    </div>
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                <div><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7pt; font-style: normal; font-variant: normal; text-transform: none;">https://www.spglobal.com/ratingsdirect</font><br>
                </div>
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                <div style="text-align: right;">&#160;April 26, 2024 &#160; &#160; &#160; <font class="BRPFPageNumber">1</font>&#160; </div>
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    <div style="margin-top: 2.6pt; font-size: 10pt;">
      <div style="margin-top: 0.05pt;">Moderate growth, especially in per capita terms, will limit improvement in Peru&#8217;s socioeconomic conditions. Peru already has lower income levels than many regional and similarly rated peers. Subdued growth also limits
        the resilience to weather new shocks.</div>
    </div>
    <div style="margin-top: 6.65pt;"><font style="font-size: 10pt; font-weight: bold;">Our Banking Industry Country Risk Assessment (BICRA) of Peru already incorporates challenging political conditions. </font><font style="font-size: 10pt;">Our bank
        criteria use our BICRA&#8217;s economic risk and industry risk scores to determine a bank&#8217;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 &#8216;bbb-&#8217;. Peru&#8217;s
        economic risk trend remains negative based on the downside risks to growth and investment from continued political volatility.</font></div>
    <div style="margin-top: 8.1pt; font-size: 10pt;">Our assessment of Peru&#8217;s economic risk could weaken if political developments and other events (like climate events) significantly dent economic resilience, damaging banks&#8217; operating performance and
      asset quality.</div>
    <div style="margin-top: 6.15pt; font-size: 10pt;">If we were to revise down our economic risk assessment, the starting point (or anchor) would remain &#8216;bbb-&#8217;. However, the weaker economic risk score, which calibrates the risk weights for our
      risk-adjusted capital (RAC) framework, could lead to higher risk charges. This could lower the RAC ratios for some financial institutions operating in the country, which could affect the stand-alone credit profiles (SACPs), but not our ratings on
      these entities.</div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="font-size: 10pt; font-weight: bold;">Outlook</div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="font-size: 10pt; font-weight: bold;">Credicorp</div>
    <div style="margin-top: 8.8pt; font-size: 10pt;">The stable outlook on Credicorp for the next two years reflects that on Peru, which will continue influencing the group&#8217;s credit fundamentals. Credicorp, the holding company, receives a substantial
      portion of dividends from its Peruvian operations across various financial segments. In addition, the holding company has substantial liquid assets that ensure debt service coverage, even in a scenario of low or no dividends.</div>
    <div style="margin-top: 6.25pt; font-size: 10pt;">The stable rating outlook on the holding company also indicates the resilience of the group&#8217;s largest subsidiary, BCP, which we don&#8217;t expect to downgrade unless its SACP falls below &#8216;bbb-&#8217;, which is
      unlikely.</div>
    <div style="margin-top: 6.55pt;"><font style="font-size: 10pt; font-weight: bold;">Downside scenario. </font><font style="font-size: 10pt;">A downgrade of Peru could trigger a similar action on Credicorp. We could also lower the rating on the holding
        company if its liquidity decreases and the challenging business conditions result in a significant weakening in dividends received.</font></div>
    <div style="margin-top: 8.6pt;"><font style="font-size: 10pt; font-weight: bold;">Upside scenario. </font><font style="font-size: 10pt;">We could upgrade Credicorp if we were to take a similar action on the sovereign, while the group&#8217;s intrinsic
        creditworthiness fundamentals remain unchanged.</font></div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="font-size: 10pt; font-weight: bold;">Banco de Credito del Peru</div>
    <div style="margin-top: 8.8pt; font-size: 10pt;">The stable outlook on BCP during the next two years mirrors the outlook on Peru. We expect that the ratings on the bank will move in tandem with those on the sovereign because of BCP&#8217;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.<br>
      <br>
    </div>
    <div style="margin-top: 0.05pt; font-size: 10pt;">On the other hand, if higher risks materialize, damaging the operating conditions for banks in Peru--indicated by a downward revision of the BICRA economic risk score--it could hurt the bank&#8217;s
      capitalization and intrinsic credit fundamentals, but not the ratings.</div>
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                <div><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7pt; font-style: normal; font-variant: normal; text-transform: none;">https://www.spglobal.com/ratingsdirect</font><br>
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                <div style="text-align: right;">&#160;April 26, 2024 &#160; &#160; &#160; <font class="BRPFPageNumber">2</font>&#160; </div>
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        </table>
        <div>
          <div style="margin-left: 1pt; margin-top: 1.15pt; font-size: 8pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <br>
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    </div>
    <div style="margin-top: 7.8pt; font-size: 10pt;">The stable outlook on BCP also considers that increased systemic risks for financial entities operating in Peru, combined with a hypothetical deterioration in the bank&#8217;s intrinsic creditworthiness, would
      not have an impact on the ratings, unless the SACP falls below &#8216;bbb-&#8217;, which is unlikely at this point.</div>
    <div style="margin-top: 6.6pt;"><font style="font-size: 10pt; font-weight: bold;">Downside scenario. </font><font style="font-size: 10pt;">We could take a negative rating action on BCP if we were to take a similar action on the sovereign.</font></div>
    <div style="margin-top: 8.65pt;"><font style="font-size: 10pt; font-weight: bold;">Upside scenario. </font><font style="font-size: 10pt;">We could upgrade BCP if we were to take a similar action on the sovereign, while the bank&#8217;s SACP remains above
        &#8216;bbb-&#8217;.</font></div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="font-size: 10pt; font-weight: bold;">MiBanco</div>
    <div style="margin-top: 8.8pt; font-size: 10pt;">The stable outlook on MiBanco during the next two years is based on that on its parent, BCP, as long as the former remains a core subsidiary to the group.</div>
    <div style="margin-top: 6.55pt;"><font style="font-size: 10pt; font-weight: bold;">Downside scenario. </font><font style="font-size: 10pt;">We could downgrade MiBanco if we were to take the same action on BCP, which could happen if we downgrade Peru.</font></div>
    <div style="margin-top: 8.6pt;"><font style="font-size: 10pt; font-weight: bold;">Upside scenario.&#160; </font><font style="font-size: 10pt;">We could upgrade MiBanco if we were to take a similar action on BCP.</font></div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="font-size: 10pt; font-weight: bold;">Scotiabank Peru</div>
    <div style="margin-top: 8.8pt; font-size: 10pt;">The stable outlook on Scotiabank Peru during the next two years reflects the outlook on Peru. We expect that the ratings on the bank will move in tandem with those on the sovereign because Scotiabank
      Peru has operations only in the country. 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="margin-top: 6.2pt; font-size: 10pt;">Increased systemic risks for financial entities operating in Peru, combined with a hypothetical deterioration in the bank&#8217;s intrinsic creditworthiness, would not have an impact on the ratings because of
      parent support. However, if the SACP falls below &#8216;bb-&#8217;, which is unlikely, that would affect the ratings. Scotiabank Peru is a strategically important subsidiary that could receive group support, which could result in up to three notches of rating
      uplift above the subsidiary&#8217;s SACP.</div>
    <div style="margin-top: 6.7pt;"><font style="font-size: 10pt; font-weight: bold;">Downside scenario. </font><font style="font-size: 10pt;">We could downgrade the bank if we were to take a similar action on the sovereign.</font></div>
    <div style="margin-top: 8.6pt;"><font style="font-size: 10pt; font-weight: bold;">Upside scenario. </font><font style="font-size: 10pt;">We could upgrade Scotiabank Peru if we were to take a similar action on the sovereign.</font></div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="margin-top: 0.05pt; font-size: 10pt; font-weight: bold;">Banco BBVA Peru</div>
    <div style="margin-top: 8.75pt; font-size: 10pt;">The stable outlook on Banco BBVA Peru for the next two years mirrors the outlook on Peru. We expect that the ratings on the bank will move in tandem with those on the sovereign because of Banco BBVA
      Peru&#8217;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>
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                <div><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7pt; font-style: normal; font-variant: normal; text-transform: none;">https://www.spglobal.com/ratingsdirect</font><br>
                </div>
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                <div style="text-align: right;">&#160;April 26, 2024 &#160; &#160; &#160; <font class="BRPFPageNumber">3</font>&#160; </div>
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        <div>
          <div style="margin-left: 1pt; margin-top: 1.15pt; font-size: 8pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <br>
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    <div style="margin-top: 0.05pt; font-size: 10pt;">Increased systemic risks for financial entities operating in Peru, combined with a hypothetical deterioration in the bank&#8217;s intrinsic creditworthiness, would not have an impact on the ratings because of
      parent support. However, if the SACP falls below &#8216;bb-&#8217;, which is unlikely, that would affect the ratings. Banco BBVA Peru is a strategically important subsidiary that could receive group support, which could result in up to three notches of rating
      uplift above the bank&#8217;s SACP.</div>
    <div style="margin-top: 6.6pt;"><font style="font-size: 10pt; font-weight: bold;">Downside scenario. </font><font style="font-size: 10pt;">We could downgrade the bank if we were to take a similar action on the sovereign.</font></div>
    <div style="margin-top: 8.65pt;"><font style="font-size: 10pt; font-weight: bold;">Upside scenario. </font><font style="font-size: 10pt;">We could raise the rating on Banco BBVA Peru if we were to take a similar action on the sovereign.</font></div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="font-size: 10pt; font-weight: bold;">IFS</div>
    <div style="margin-top: 8.8pt; font-size: 10pt;">The stable outlook on IFS for the next two years reflects that on Peru, which will continue influencing the group&#8217;s credit fundamentals. In addition, we expect that the holding company will retain enough
      liquidity to cover debt service and that it will keep an adequate debt maturity profile.</div>
    <div style="margin-top: 6.2pt; font-size: 10pt;">Higher risks could materialize, damaging the operating conditions for financial institutions in Peru--as indicated by a downward revision of the BICRA economic risk score. However, that would not affect
      the group&#8217;s intrinsic credit fundamentals and ratings given its high capital buffer within its current category under our capital framework.</div>
    <div style="margin-top: 6.6pt;"><font style="font-size: 10pt; font-weight: bold;">Downside scenario. </font><font style="font-size: 10pt;">A downgrade of Peru could trigger a similar action on IFS. We could also lower the ratings on IFS if the
        challenging business conditions result in a significant weakening in dividends received by the holding company.</font></div>
    <div style="margin-top: 8.6pt;"><font style="font-size: 10pt; font-weight: bold;">Upside scenario. </font><font style="font-size: 10pt;">We could upgrade IFS if we were to take a similar action on the sovereign, while the group&#8217;s intrinsic
        creditworthiness fundamentals remain unchanged.</font></div>
    <div style="font-size: 10pt;"><br>
    </div>
    <div style="font-size: 10pt; font-weight: bold;">Interbank</div>
    <div style="margin-top: 8.8pt; font-size: 10pt;">The stable outlook on Interbank in the next two years reflects the outlook on Peru&#8217;s foreign currency rating and our expectation that the bank will maintain stable intrinsic credit fundamentals.</div>
    <div style="margin-top: 6.1pt; font-size: 10pt;">Higher risks could materialize, damaging the operating conditions for banks in Peru--as indicated by a downward revision of the BICRA economic risk score. However, that would not affect the bank&#8217;s
      intrinsic credit fundamentals and rating given its high capital buffer within its current category under our capital framework.</div>
    <div style="margin-top: 6.65pt;"><font style="font-size: 10pt; font-weight: bold;">Downside scenario. </font><font style="font-size: 10pt;">We could lower our rating on Interbank if we were to lower our foreign currency sovereign rating on Peru. 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.</font></div>
    <div style="margin-top: 8.15pt; font-size: 10pt;">We would also downgrade Interbank if its SACP were to fall below &#8216;bbb-&#8217;, but we believe this is unlikely in the next 12-24 months.</div>
    <div style="margin-top: 6.55pt;"><font style="font-size: 10pt; font-weight: bold;">Upside scenario. </font><font style="font-size: 10pt;">We could upgrade Interbank if we were to take the same action on the foreign currency sovereign rating and revise
        up the bank&#8217;s SACP above &#8216;bbb-'--for example, owing to consistent capital strengthening.</font></div>
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                <div><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 7pt; font-style: normal; font-variant: normal; text-transform: none;">https://www.spglobal.com/ratingsdirect</font><br>
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                <div style="text-align: right;">&#160;April 26, 2024 &#160; &#160; &#160; <font class="BRPFPageNumber">4</font>&#160; </div>
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    <div style="font-size: 10pt; font-weight: bold;">COFIDE</div>
    <div style="margin-top: 8.8pt; font-size: 10pt;">The stable outlook on COFIDE in the next two years reflects the outlook on Peru and our expectation that its intrinsic creditworthiness will remain stable, with a RAC ratio above 5% in 2024-2025. 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. The entity also continues to be a key
      lending intermediary to small and midsize enterprises.</div>
    <div style="margin-top: 6.75pt;"><font style="font-size: 10pt; font-weight: bold;">Downside scenario. </font><font style="font-size: 10pt;">We could downgrade COFIDE if we lower our ratings on Peru. 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.</font></div>
    <div style="margin-top: 8.15pt; font-size: 10pt;">We could also lower the ratings on COFIDE if we were to revise down its SACP.</div>
    <div style="margin-top: 8.25pt;"><font style="font-size: 10pt; font-weight: bold;">Upside scenario. </font><font style="font-size: 10pt;">An upgrade of the entity is unlikely at this point, given the challenging conditions for the Peruvian government
        that somewhat limit its capacity to support government entities. We could upgrade COFIDE if we were to take the same action on Peru and revise up COFIDE's SACP.</font></div>
    <div style="font-size: 10pt;"><br>
    </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
