<SEC-DOCUMENT>0001140361-25-022360.txt : 20250613
<SEC-HEADER>0001140361-25-022360.hdr.sgml : 20250613
<ACCEPTANCE-DATETIME>20250613060124
ACCESSION NUMBER:		0001140361-25-022360
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20250613
FILED AS OF DATE:		20250613
DATE AS OF CHANGE:		20250613

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14014
		FILM NUMBER:		251044646

	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>ef20050609_6k.htm
<DESCRIPTION>6-K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc
         Document created using Broadridge PROfile 25.5.1.5318
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: Arial; font-size: 9pt; text-align: left; color: #000000;">
  <font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font>
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
    <div>
      <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>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
      <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; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
      <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; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</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 June 2025</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</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; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
      <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="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</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 15026</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Lima, 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 style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </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>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
      <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 style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</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 style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</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>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
        <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;"> </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><img src="image00001.jpg"></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;">June 13, 2025</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;">Securities and Exchange Commission - SEC</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;">Re.: MATERIAL EVENT</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;">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;">We hereby notify you as a Material Event that on June 12, 2025, Fitch Ratings released an update of Credicorp Ltd.&#8217;s (Credicorp) credit rating report, affirming
        Credicorp&#8217;s Long Term Foreign Currency rating at &#8216;BBB&#8217; and maintaining its stable outlook.</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 Fitch 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 Fitch 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="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Sincerely,</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;">/s/ <u>Milagros Cig&#252;e&#241;as</u></div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Authorized Representative</div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Credicorp Ltd.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURE</div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
      <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>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
      <div style="text-indent: 29.7pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Date: June 13, 2025</div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="z776bc8b831824c6cb94de155e3b54ceb" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 49.62%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="vertical-align: top;" colspan="2">
              <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>
            </td>
            <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.62%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 35%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.62%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">/s/ Milagros Cig&#252;e&#241;as</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.62%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </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;">Milagros Cig&#252;e&#241;as</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.62%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </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;">Authorized Representative</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0);">&#160;</div>
            </td>
          </tr>

      </table>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
  </div>
  <font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20050609_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc
         Document created using Broadridge PROfile 25.5.1.5318
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: Arial; font-size: 9pt; text-align: left; color: #000000;">
  <!--PROfilePageNumberReset%Num%1%%/8%--> <font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font>
  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div style="text-align: right;"> <font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
      </font></div>
    <div><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </font></div>
    <div>
      <div>
        <div style="text-align: center; margin-left: 1pt; margin-top: 0.75pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">Fitch Affirms Banco de Credito del Peru at 'BBB'; Outlook Stable</div>
      </div>
      <div style="margin-top: 3.2pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: right; margin-right: 8.5pt; font-family: 'Times New Roman', serif; font-size: 23.5pt;">
        <div style="font-size: 10pt; color: rgb(0, 0, 0);"><img src="image00005.jpg"></div>
        <font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(94, 105, 112);"></font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">RATING ACTION COMMENTARY</div>
      <div style="margin-top: 0.05pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Fitch Affirms Banco de Credito del Peru at 'BBB'; Outlook Stable</div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
      </div>
      <div style="color: #010101; font-family: 'Times New Roman'; font-size: 10pt;">Thu 12 Jun, 2025- 8:11PM ET</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="margin-top: 0.05pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Fitch Ratings - Monterrey- 12 Jun 2025: Fitch Ratings has affirmed Banco de Credito del Peru S.A:s (BCP) Long-Term
        Local- and Foreign-Currency Issuer Default Ratings (IDRs) at 'BBB' and the Viability Rating (VR) at 'bbb'. The Rating Outlook for the Long-Term ID Rs is Stable. Fitch has also affirmed the Long-Term Foreign-Currency IDR of BCP's holding company,
        Credicorp Ltd., at 'BBB' with a Stable Outlook.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">KEY RATING DRIVERS </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">BCP</div>
      <div style="margin-top: 10.6pt; color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Standalone Assessment: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">BCP's IDRs are driven by its VR of 'bbb', which is aligned with the implied VR. The bank's ratings are supported by its robust and leading market position, well- diversified
          business model, consistent funding strategies, and a solid and improving financial profile. However, these ratings are constrained at the sovereign level due to the bank's limited geographical diversification beyond Peru and significant exposure
          to foreign currency.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="margin-top: 0.65pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><font style="font-weight: bold;">Leading Franchise: </font>BCP is the leading bank within the Peruvian financial system and serves as the primary subsidiary of Credicorp Ltd., Peru's largest financial holding company. According to
        BCP's consolidated data, it held market shares of 36.16% for assets and 36.2% for deposits as of fiscal YE 2024. The bank continues to lead in all major credit segments and financial products, encompassing wholesale banking, small and medium-sized
        enterprise (SME) lending, microfinance, consumer banking, credit cards, mortgages, and demand, savings, and time deposits.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><font style="font-weight: bold;">Stable Asset Quality: </font>The non-consolidated past-due loans ratio over 90 days improved to 3.11%
        at YE 2024from 3.42% at YE 2023 due to adjustments of risk models, the release of Pension Fund Administrator (AFP) funds, and the improvement in the operating environment. The reserve coverage for impaired loans also improved to a conservative
        194.1% at YE 2024. Although the entity's strategy to focus on the more profitable but riskier SME and consumer segments, Fitch expects asset quality to remain stable in 2025, as observed for 1Q25 (3.1%), reflecting the bank's conservative
        underwriting standards.</div>
      <div style="color: #010101; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div>
      <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">1/8</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: center; margin-left: 1pt; margin-top: 0.75pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Fitch Affirms Banco
            de Credito del Peru at 'BBB'; Outlook Stable</div>
          <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></div>
        </div>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Solid Profitability: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The operating profit-to-risk-weighted assets (RWA) ratio increased to 5.3% at 1Q25 from 4.3% at YE 2024. This improvement was primarily driven by a notable rise in the net interest margin, attributed
          to stronger growth in retail segments and an increase in low-cost deposits. Furthermore, credit costs have decreased due to lower provision expenses specifically for SMEs, as well as reduced administrative expenses. Fitch anticipates
          profitability will continue to improve in 2025, bolstered by a favorable operating environment, growth in the loan portfolio, and a gradual shift in the business mix towards retail lending.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Adequate Capitalization: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Common Equity Tier 1 (CET1) ratio decreased to 11.34% at 1Q25 from 13.1% at YE 2024, driven by a dividend payout of 91% of the 2024 earnings. This was partially offset by
          profit generation, a reduction in RWA, and a decrease in unrealized losses. Fitch does not anticipate capitalization pressures in 2025 and believes it will recover to historical levels. Also, regulation would be positive for Peruvian banks due to
          the ongoing adoption of Basel Ill principles. BCP has successfully adapted to higher and better-quality capital requirements, in accordance with new rules, even though the phase-in period ends in 2026.</font></div>
      <div style="margin-top: 4.45pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Ample and Diversified Funding Base: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">BCP benefits from a low-cost deposit base, predominantly consisting of demand and savings deposits, as BCP has the largest deposit market share in Peru across all major products.
          The loan-to-deposit ratio significantly improved to 89.2% at 1Q25 from 99.6% at YE 2023 due to double-digit deposit growth of 11.6% in 2024. Fitch expects current liquidity to sufficiently support expected moderate loan growth, which should
          result in loans to customer deposits still below 100%.</font></div>
      <div style="margin-top: 5.35pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="margin-top: 0.05pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CREDICORP LTD</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">IDRs Driven by Main Subsidiary's IDRs: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Credicorp's IDRs are driven primarily by the IDR of its main subsidiary, BCP, which boasts a strong business and financial profile. Credicorp's Foreign Currency Long-Term IDR of
          'BBB' with a Stable Outlook is equalized to BCP's rating, mainly due to Credicorp's low double leverage and strong liquidity management</font></div>
      <div style="margin-top: 4.9pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Low Double Leverage: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Double leverage is low at 99.2% at YE 2024 (average 2021- 2024: 100.4%). There is a long track record of significant dividend flows, particularly from BCP, which provide the majority of Credicorp's
          liquidity.</font></div>
      <font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </font>
      <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2/8</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: center; margin-left: 1pt; margin-top: 0.75pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Fitch Affirms Banco
            de Credito del Peru at 'BBB'; Outlook Stable</div>
          <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></div>
        </div>
      </div>
      <div style="text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Strong Corporate Strategy: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Credicorp is a
          non-operating holding company that maintains an integrated business platform comprising leading Peruvian and Bolivian banking, insurance, pension, and asset and wealth management companies, as well as entities in the microfinance (SME) sector in
          Peru and Colombia.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Consistent Performance: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Credicorp's capital structure benefits from its subsidiaries' sound performance, which allows it to maintain consistent dividend flows. Consolidated profitability at YE 2024
          improved, benefiting from loan portfolio growth and asset quality improvement, a stronger net interest margin primarily due to an increase on low-cost deposits, and significant gains from trading.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Senior Debt Ratings: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The senior global debt rating is at the same level as Credicorp's Long- Term IDRs of 'BBB', as the likelihood of default on the notes is the same as that of Credicorp.</font></div>
      <div style="margin-top: 3.75pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">RATING SENSITIVITIES</div>
      <div style="margin-top: 12.25pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade</div>
      <div style="margin-top: 11.5pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">BCP</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">-- BCP's IDRs are sensitive to material deterioration in the local OE or a
          negative sovereign rating action.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">-- BCP's VR could be affected if asset quality were to deteriorate
          significantly and cause a sustained decline in operating profits to RWAs below 2.5% and if the bank's CET1to RWA ratio were to fall below 10%, assuming maintenance of excess reserves and noncore loss absorbing capital, for more than four
          consecutive quarters.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">CREDICORP</div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">-- Credicorp's IDRs are at the same level as BCP's and would move in tandem with any rating action on its main operating subsidiary.
        However, Fitch could also downgrade Credicorp's ratings (separately from any action on BCP) if there is a material and sustained increase of its doubleleverage metrics (above 1.2x) and if there is a material weakening of the holding company's
        liquidity position and management; </div>
      <div style="color: #010101; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="color: #010101; font-family: 'Times New Roman'; font-size: 10pt;">-- A change in the dividend flows from the operating companies or debt levels at the holding company that affects its debt coverage ratios could also be detrimental to
        Credicorp's ratings;</div>
      <div style="margin-top: 2.85pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3/8</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: center; margin-left: 1pt; margin-top: 0.75pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Fitch Affirms Banco
            de Credito del Peru at 'BBB'; Outlook Stable</div>
          <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></div>
        </div>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade</div>
      <div style="margin-top: 12.55pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">BCP</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">-- Over the medium term, BCP's VR could be upgraded by the confluence of improvement in the operating
          environment (OE) while the bank sustains its current strong financial profile.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">CREDICORP</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="margin-top: 0.05pt; color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">-- Credicorp Ltd's ratings would move in tandem with positive rating actions on its
          main operating subsidiary, BCP.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="margin-top: 0.05pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS</div>
      <div style="margin-top: 0.05pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
      </div>
      <div style="color: #010101; font-family: 'Times New Roman'; font-size: 10pt;">BCP's senior unsecured bonds are rated at the same level as the bank's IDRs, as the likelihood of default on the notes is the same as that of BCP.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">Credicorp Ltd senior bonds: The rating of the senior global debt is at the same level as Credicorp's Long-Term Issuer Default Ratings (IDRs) of 'BBB', as the
        likelihood of default of the notes is the same as Credicorp's.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">GOVERNMENT SUPPORT RATING (GSR)</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">BCP would be likely to receive support from the Peruvian government, given its high systemic importance, should it be required,
        underpinning its GSR. The ability of the sovereign to provide support is reflected in its 'BBB'/Stable IDR and underpinned by its sound financial position, ample foreign currency reserves, and low debt. Regulators have a clear mandate to protect
        and preserve the banking system through conservative regulation and capable supervision.</div>
      <div style="margin-top: 3.05pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES</div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES</div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
      </div>
      <div style="color: #010101; font-family: 'Times New Roman'; font-size: 10pt;">--BCP's senior debt ratings would move in line with its Long-Term IDR.</div>
      <font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </font>
      <div style="margin-top: 4.15pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">--The ratings for Credicorp's senior unsecured debt would move in line with its Long-Term IDR.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4/8</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: center; margin-left: 1pt; margin-top: 0.75pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Fitch Affirms Banco
            de Credito del Peru at 'BBB'; Outlook Stable</div>
          <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></div>
        </div>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">--BCP's senior debt ratings would be downgraded if BCP's Long-Term IDR is downgraded;</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="margin-top: 6.8pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">--The ratings for Credicorp's senior unsecured debt would move in line with its Long-Term IDR,</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">--BCP's GSR would be affected if Fitch negatively changes its assessment of the government's ability and/or willingness to support the bank.</div>
      <div style="margin-top: 5.15pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">-- BCP's senior debt ratings would be upgraded if BCP's Long-Term IDR is upgraded;</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">--The ratings for Credicorp's senior unsecured debt would move in line with Credicorp's Long-Term IDR;</div>
      <div style="margin-top: 5.4pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">--BCP's GSR would be affected if Fitch positively changes its assessment of the government's ability and/or willingness to support the bank.</div>
      <div style="margin-top: 2pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">VR ADJUSTMENTS</div>
      <div style="margin-top: 0.25pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">-The OE score has been assigned above the implied score due to the following adjustment reason: Sovereign rating {positive).</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">-The Capitalization and Leverage score has been assigned above the implied score due to the following adjustment reason: Leverage and risk-weight calculation
        (positive).</div>
      <div style="margin-top: 4pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEV DRIVER OF RATING</div>
      <div style="margin-top: 11.95pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt;">The principal sources of information used in the analysis are described in the Applicable Criteria.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5/8</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: center; margin-left: 1pt; margin-top: 0.75pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Fitch Affirms Banco
            de Credito del Peru at 'BBB'; Outlook Stable</div>
          <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></div>
        </div>
      </div>
      <div style="color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS</div>
      <font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><br>
      <div>
        <div style="margin-top: 4.15pt; color: rgb(3, 3, 3); font-family: 'Times New Roman'; font-size: 10pt;">The ratings of Credicorp Ltd are linked to Banco de Credito del Peru's ratings as it is its main subsidiary.</div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="color: rgb(3, 3, 3); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ESG CONSIDERATIONS</div>
        <div style="margin-top: 0.9pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="color: rgb(3, 3, 3); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are
          credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity.</div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="font-family: Arial,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(3, 3, 3);">For more information on Fitch's ESG Relevance Scores, visit </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">www.fitchratings.com/esg.</font></div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="text-align: center; margin-right: 78.7pt; color: rgb(3, 3, 3); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">RATING ACTIONS</div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;">
                  <div style="font-weight: bold;">ENTITY/DEBT</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div style="font-weight: bold;">RATING</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;"><br>
                </td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;">
                  <div style="font-weight: bold;">PRIOR</div>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
                <td nowrap="nowrap" style="width: 21%; vertical-align: top; font-size: 10pt;">
                  <div>Credicorp Ltd.</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div>LT IDR</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div>BBB <img width="10" height="10" src="image1.jpg"></div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div>Affirmed</div>
                </td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;">
                  <div>BBB</div>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div>ST IDR</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div>F2</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div>Affirmed</div>
                </td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;">
                  <div>F2</div>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;">
                  <div style="margin-top: 0px; margin-bottom: 0px; margin-left: 18pt;">senior unsecured</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div>LT</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div>BBB</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div>Affirmed</div>
                </td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;">
                  <div>BBB</div>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;">
                  <div style="color: #030303;">Banco de Credito del </div>
                  <div style="color: #030303;">Peru S.A.</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div style="margin-bottom: 8pt;">LT IDR</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div style="margin-bottom: 8pt;">BBB</div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;">
                  <div style="margin-bottom: 8pt;">Affirmed</div>
                </td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;">
                  <div style="margin-bottom: 8pt;">BBB</div>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">ST IDR<br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">F2<br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">Affirmed</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">F2<br>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">LC LT IDR<br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">BBB<br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">Affirmed</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">BBB<br>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">LC ST IDR<br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">F2<br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">Affirmed</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">F2<br>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">Viability<br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">bbb<br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">Affirmed</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">bbb<br>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">Government Support</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">bbb-<br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">Affirmed</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">bbb-<br>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1">&#160;</td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt;" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt;" rowspan="1">
                  <div style="margin-left: 9pt">
                    <div style="margin-left: 9pt">senior unsecured</div>
                  </div>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">LT<br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">BBB<br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt;" rowspan="1">Affirmed</td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt;" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt;" rowspan="1">BBB<br>
                </td>
              </tr>
              <tr>
                <td style="width: 1%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" rowspan="1"><br>
                </td>
                <td style="width: 21%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 16%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 10%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
                <td style="width: 20%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
                </td>
              </tr>

          </table>
        </div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
          <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6/8</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div style="width: 100%;" class="BRPFPageHeader">
            <div style="text-align: center; margin-left: 1pt; margin-top: 0.75pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Fitch Affirms
              Banco de Credito del Peru at 'BBB'; Outlook Stable</div>
            <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></div>
          </div>
        </div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">VIEW ADDITIONAL RATING DETAILS</div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="font-family: Arial,sans-serif; font-size: 11.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Additional information is available on www.ntchratings.com</font></div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PARTICIPATION STATUS</div>
        <div style="margin-top: 0.45pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="margin-top: 0.05pt; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the
          rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.</div>
        <div style="margin-top: 3.35pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">APPLICABLE CRITERIA</div>
        <div style="margin-top: 0.45pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;">Bank Rating Criteria (pub. 21 Mar 2025) (including rating assumption sensitivity)</div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"></div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ADDITIONAL DISCLOSURES</div>
        <div style="margin-top: 0.45pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="padding: 0px 0px 3px; font-family: 'Times New Roman'; font-size: 10pt;">Dodd-Frank Rating Information Disclosure Form </div>
        <div style="padding: 0px 0px 3px; font-family: 'Times New Roman'; font-size: 10pt;">Solicitation Status</div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;">Endorsement Policy</div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="margin-top: 0.05pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ENDORSEMENT STATUS</div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; color: #000000; width: 100%;" id="zd7db648539ad4434a09f06ee65b829ac">

              <tr>
                <td style="width: 40%; padding: 0px 0px 3px; font-family: 'Times New Roman'; font-size: 10pt;">Banco de Credito del Peru S.A.</td>
                <td style="width: 60%; padding: 0px 0px 3px; font-family: 'Times New Roman'; font-size: 10pt;">EU Endorsed, UK Endorsed</td>
              </tr>
              <tr>
                <td style="width: 40%; font-family: 'Times New Roman'; font-size: 10pt;">Credicorp Ltd.</td>
                <td style="width: 60%; font-family: 'Times New Roman'; font-size: 10pt;">EU Endorsed, UK Endorsed</td>
              </tr>

          </table>
        </div>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
      </div>
      <div>
        <div style="margin-top: 0.05pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">DISCLAIMER &amp; DISCLOSURES</div>
        <div style="margin-top: 0.45pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
        </div>
        <div style="font-family: Arial,sans-serif; font-size: 11.5pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and
            disclaimers. Please read these limitations and disclaimers by following this link: https://www.ntchratings.com/understandingcreditratings.In addition, the following https://www.ntchratings.com/rating-defmitions document&#160;details Fitch's rating
            definitions for each ratings</font> </div>
      </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7/8</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: center; margin-left: 1pt; margin-top: 0.75pt; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">Fitch Affirms Banco
            de Credito del Peru at 'BBB'; Outlook Stable</div>
          <div style="color: rgb(1, 1, 1); font-family: Arial,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></div>
        </div>
      </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">READ MORE</div>
      <div style="margin-top: 1.9pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SOLICITATION STATUS</div>
      <div style="margin-top: 1.65pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The ratings above were solicited and assigned or maintained by Fitch at the request of the rated entity/issuer or a related third party. Any exceptions
        follow below.</div>
      <div style="margin-top: 4.4pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ENDORSEMENT POLICY</div>
      <div style="margin-top: 0.9pt; font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="font-family: Arial,sans-serif; font-size: 11pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fitch's international credit ratings produced outside the EU or the UK, as the case may be, are
          endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU CRA Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case may
          be. Fitch's approach to endorsement in the EU and the UK can be found on Fitch's Regulatory Affairs page on Fitch's website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity
          and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right;"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">8/8</font> </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
  </div>
  <font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image00001.jpg
<TEXT>
begin 644 image00001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  F 3L# 2(  A$! Q$!_\0
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:+;SWGWW+*7W-C(^4 8X]*** .KHHHH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image1.jpg
<TEXT>
begin 644 image1.jpg
M_]C_X  02D9)1@ ! 0$ D "0  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" &R !T# 2(  A$! Q$!_\0
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
IHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image00005.jpg
<TEXT>
begin 644 image00005.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  J *P# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#ZEN)XK:%Y
MIW6.)!EG8X %8Z>+_#KW#0)K6GM.HRT8G4L/J,YK<KQ+P;_R<AXG_P"O9_\
MVC4R;1WX+"PQ$*LI7]R/-^*5OQ/4QXJT W<%K_;%@+F=@D41G4,[$X  SR2>
M*UDGB>9XDEC:5/O(&!9?J.U8/B/2[3Q&8H@J_;=*OK>YCD9?N.K)(0#[KQ^-
M0Z1X)TW2_&>I^)H)+EKZ_0HZ.X*("5)VC&>2HZDT79FX8?DNVU*VV^NENVC1
MU%%<SHOBVSUKQ;J>D:;(D\>G0H9I4.1YK,05![X Y]SCM72LP526( '4DXII
MW,*E*=*7+-6>C^_5$-[>6]C;F>\FCAA!P7<X J+2M3L=6M?M.EW<%W;[BOFP
M.'7(ZC(J:X8-9RE2""C8(.>U>:?LZ,%^&J,Q  NI<DG&.E%];&\,/&6&G6ZQ
M<5]]_P#(]09@BEF("J,DGM6.?%6@B41'5[+S#R$\X9_*MA&5U#(P93T(.0:\
MJU'_ ). TO\ Z]F_]$R525SC>AZ)9Z]I-[=?9K74[.6X_P">2S*7_P"^<YK2
MKRGX]I MAH\L'&K?:<0F/B0I@YQCGAMF/<UZ5HQN3I%C_: Q>>1'YX])-HW?
MKFBVEP3UL7**:DB/G8ZMCK@YQ6!=>)K9?%UCH-LZ274BO)< <^4H0D ^A)P?
MH/<4AF[//%;J&GECB4D*"[!02>@Y[U)6!XQ\+67BNQAM=0DN(TAE$JF%@#G!
M&.01T-;L2"*)(TSM4!1DYX% #J*1G56"LP!/0$]:6@ HIJR(S%5921U /2E9
ME5=S, OJ3Q0 M%(K!OND'C/!I: "O!_#UF+[]HCQ-$T]S !;LVZWE,;?\LN,
MCM7NLS.L;&) [@<*6QG\:\ST+P?KFG?%35_%,D5D]K>PM&D*W!WJ3LZ_+C^
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B.?UK2T73UTK2;6Q1S(((PA<C!8]S^)R:NT4 %%%% '__V0$!

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