RATING ACTION COMMENTARY

 

Fitch Upgrades Banco de Credito del Peru and Credicorp to ‘BBB+’; Outlook Stable

 

Mon 08 Jun, 2026 - 5:41 PM ET

 

Fitch Ratings - Mexico City - 08 Jun 2026: Fitch Ratings has upgraded Banco de Credito del Peru S.A.’s (BCP) Long-Term Local- and Foreign-Currency Issuer Default Ratings (IDRs) to ‘BBB+’ from ‘BBB’, and its Viability Rating (VR) to ‘bbb+’ from ‘bbb’. The Rating Outlook for the Long-Term IDRs is Stable. Fitch has also affirmed BCP’s Short-Term Foreign and Local Currency IDRs at ‘F2’ and affirmed the Government Support Rating (GSR) at ‘bbb-’. The

 

Long-Term Foreign-Currency IDR of BCP’s holding company, Credicorp Ltd., was upgraded to ‘BBB+’ from ‘BBB’ with Stable Outlook, and the Short-Term IDR was affirmed.

 

BCP’s VR upgrade reflects its solid business profile, market leadership among local peers and a very strong financial profile. This is reflected in improved, strong profitability, which now has the highest score among the key rating drivers. Fitch expects this profitability to remain sustainable over the medium term and to support sound capital levels.

 

BCP’s VR is now one notch above Peru’s sovereign rating and aligned with its implied VR of ‘bbb+’. The uplift above the sovereign rating reflects Fitch’s expectation that the bank would likely maintain its ability to service local-currency obligations even if the sovereign defaulted on its local-currency debt. This reflects its relatively low overall exposure to the public sector. Fitch also believes that the sovereign is unlikely to impose material debt servicing restrictions in this scenario. These restrictions include capital controls that could limit the bank’s ability to service those obligations.

 

 

 

 

 

 

slower risk-weighted asset growth, partly reflecting improved asset quality. Fitch does not anticipate capitalization pressures in 2026. Also, regulation is supportive for Peruvian banks due to the ongoing adoption of Basel III principles. BCP has successfully adapted to higher-quality capital requirements under the new rules ahead of the end of the phase-in period in 2026.

 

 

 

 

RATING SENSITIVITIES

 

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

 

BCP

 

BCP’s IDRs are sensitive to material deterioration in the local OE or a negative sovereign rating action.

BCP’s VR could be affected if asset quality were to deteriorate significantly and cause a sustained decline in operating profits to RWAs below 4.0%, and if the bank’s CET1-to-RWA ratio were to fall below 10%, assuming maintenance of excess reserves and noncore loss-absorbing capital, for more than four consecutive quarters.

 

CREDICORP LTD.

 

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 double leverage metrics (above 1.2x) and if there is a material weakening of the holding company’s liquidity position and management.

 

A change in the dividend flows from the operating companies or debt levels at the holding company that affects its debt coverage ratio could also be detrimental to Credicorp’s ratings.

 

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

 

BCP

 

Over the medium term, BCP’s VR could be upgraded by a confluence of OE improvement and the bank sustaining its current strong financial profile.

 

CREDICORP LTD.

 

Credicorp Ltd’s ratings would move in tandem with positive rating actions on its main operating subsidiary, BCP.

 

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

 

BCP’s senior unsecured bonds were upgraded to ‘BBB+’ from ‘BBB’ and 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.

 

BCP’s subordinated Tier 2 bonds were upgraded to ‘BBB-’ from ‘BB+’ and are rated two notches below the Viability Rating (VR) of ‘bbb+’ to reflect loss severity only. Fitch did not apply any notching for non-performance risk, as the notes do not have additional loss-absorption features.

GOVERNMENT SUPPORT RATING (GSR)

 

BCP is likely to receive support from the Peruvian government, if needed, given its high systemic importance, which underpins its Government Support Rating (GSR). The sovereign’s ability to provide support is reflected in its ‘BBB’/Stable IDR and supported by its sound public finances, ample foreign currency reserves and low debt burden.

 

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

 

Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

 

--BCP’s senior debt ratings would be downgraded if BCP’s Long-Term IDR is downgraded;

 

--The subordinated debt ratings would mirror any negative action on the bank’s VR and would maintain the downward notching from it.

 

Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:

 

--BCP’s senior debt ratings would be upgraded if BCP’s Long-Term IDR is upgraded;

 

--The subordinated debt ratings would mirror any positive action on the bank’s VR and would maintain the downward notching from it.

 

Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

 

--BCP’s GSR would be affected if Fitch negatively changed its assessment of the government’s ability and/or willingness to support the bank.

 

Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:

 

--BCP’s GSR would be affected if Fitch positively changes its assessment of the government’s ability and/or willingness to support the bank.

 

VR ADJUSTMENTS

 

The operating environment score of ‘bbb-’ is above the ‘bb’ category implied score due to the following adjustment reason: sovereign rating (positive).

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

 

The principal sources of information used in the analysis are described in the Applicable Criteria.

 

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

 

The ratings of Credicorp Ltd are linked to Banco de Credito del Peru’s ratings, as it is its main subsidiary.

 

ESG CONSIDERATIONS

 

The highest level of ESG credit relevance is a score of ‘3’, unless otherwise disclosed in this section. A score of ‘3’ 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. Fitch’s ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch’s ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

 

RATING ACTIONS

 

 

 

VIEW ADDITIONAL RATING DETAILS

 

FITCH RATINGS ANALYSTS

 

Larisa Arteaga

Senior Director Primary Rating Analyst

+52 55 5955 1621

larisa.arteaga@fitchratings.com Fitch Mexico S.A. de C.V.

Blvd Manuel Avila Camacho #36 Floor 23 Edificio Esmeralda II Col. Lomas de Chapultepec,

Alcaldia Miguel Hidalgo Mexico City 11000

 

Abraham Martinez

Director

Secondary Rating Analyst

+56 2 3321 2901

abraham.martinez@fitchratings.com

 

Alejandro Tapia

Senior Director Committee Chairperson

+52 81 4161 7056

alejandro.tapia@fitchratings.com

 

MEDIA CONTACTS

 

Maggie Guimaraes

São Paulo

Published ratings, criteria, and methodologies are available from this site at all times. Fitch’s code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures are also available from the Code of Conduct section of this site. Directors and shareholders’ relevant interests are available at https://www.fitchratings.com/site/regulatory. Fitch may have provided another permissible or ancillary service to the rated entity or its related third parties. Details of permissible or ancillary service(s) for which the lead analyst is based in an ESMA- or FCA-registered Fitch Ratings company (or branch of such a company) can be found on the entity summary page for this issuer on the Fitch Ratings website.

In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed.

Fitch Ratings makes routine, commonly-accepted adjustments to reported financial data in

accordance with the relevant criteria and/or industry standards to provide financial metric consistency for entities in the same sector or asset class.

The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from ‘AAA’ to ‘D’. Fitch also provides information on best-case rating upgrade scenarios and worst-case rating downgrade scenarios (defined as the 99th percentile of rating transitions, measured in each direction) for international credit ratings, based on historical performance. A simple average across asset classes presents best-case upgrades of 4 notches and worst-case downgrades of 8 notches at the 99th percentile. For more details on sector-specific best- and worst-case scenario credit ratings, please see Best- and Worst-Case Measures under the Rating Performance page on Fitch’s website.

The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned.

Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial

Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.

For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the “NRSRO”). While certain of the NRSRO’s credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the “non-NRSROs”) and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.

dv01, a Fitch Solutions company, and an affiliate of Fitch Ratings, may from time to time serve as loan data agent on certain structured finance transactions rated by Fitch Ratings.

Copyright © 2026 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved.

READ LESS

SOLICITATION STATUS

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.

Fitch’s solicitation status policy can be found at www.fitchratings.com/ethics.

ENDORSEMENT POLICY

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.

---