BAP · Credicorp Ltd.

S&P Global Ratings affirmed Credicorp Ltd.'s BBB-/Stable issuer credit rating, reflecting the group's leading position in Peru's financial industry, business diversification, steady earnings, adequate capitalization, stable funding, and ample liquidity. The rating is constrained by Peru's sovereign rating (BBB-/Stable), as Credicorp's large asset exposure to the country makes it unlikely to remain unaffected in a sovereign default scenario. The stable outlook mirrors that on Peru and assumes the holding company will not raise debt in 2026, maintaining double leverage below 120% and comfortable liquidity. A downgrade could occur if Peru is downgraded or if Credicorp issues debt and relies on dividends from regulated subsidiaries. An upgrade would require a sovereign upgrade while the group's fundamentals remain unchanged. Key metrics show improving asset quality (NPA ratio 3.3% as of Dec. 2025) and strong profitability (ROE 19.0% in 2025). The group repaid its only debt issuance ($500M) in 2025 and expects no financial debt in 2026-2027. The pending acquisition of Helm Bank (U.S.) is not expected to materially affect the credit profile.