Credicorp Ltd. Credit Rating Update

S&P Global Ratings has affirmed Credicorp Ltd.'s long-term issuer credit rating at 'BBB-' with a stable outlook, based on figures as of December 2025. The rating reflects Credicorp's strong market position in Peru, diversified business segments, sound profitability, adequate capitalization, stable funding, and ample liquidity. Key strengths include its dominant market share in Peru's financial industry through Banco de Credito del Peru (BCP) and its diversified asset base. However, potential risks include Peru's complex political landscape, which could impact economic growth. The company has shown consistent asset growth and strategic acquisitions, including a recent one in the healthcare sector and a planned acquisition of Helm Bank to enhance cross-border capabilities. Credicorp's financial performance remains strong, with robust profitability and improving asset quality. The stable outlook is primarily influenced by Peru's sovereign rating, with expectations of continued stable credit fundamentals for Credicorp. Potential downside risks include a downgrade of Peru's sovereign rating or if Credicorp issues new debt and relies on dividends to meet obligations. Upside potential exists if the sovereign rating is upgraded and Credicorp maintains its financial strategy.