Banks Bank Holding Companies Bermuda

Credicorp Ltd.

Key Rating Drivers

IDRs Driven by Those of Main Subsidiary: Credicorp Ltd.’s Issuer Default Ratings (IDRs) were upgraded to ‘BBB+’ from ‘BBB’, as they are driven primarily by the IDRs of its main subsidiary, Banco de Crédito del Perú (BCP; BBB+/Stable), which has a strong business and financial profile. Credicorp’s Foreign-Currency, Long-Term IDR of ‘BBB+’ with a Stable Outlook is equalized with BCP’s rating, mainly due to Credicorp’s low double leverage and strong liquidity management.

Largest Peruvian Financial Holding Company: Credicorp is the largest financial holding company in Peru. While domiciled in Bermuda for strategic reasons, the group operates primarily through its main subsidiaries, including BCP, the largest bank in Peru, Banco de Crédito de Bolivia, Grupo Pacífico, Prima AFP, Atlantic Security Bank, Credicorp Capital, and Mibanco in Peru and Colombia. The group maintains leading positions across banking, insurance, pensions, wealth and asset management, and microfinance, which support earnings diversification and franchise strength.

Strong Corporate Strategy: Credicorp is a non-operating holding company with an integrated business platform that includes leading banking, insurance, pension, asset and wealth management, and microfinance franchises in Peru and other selected markets in the region. Fitch Ratings views the group’s strategy as supportive of its business profile, given its focus on financial inclusion, risk and capital discipline, digital transformation, and operational execution across its core and disruptive businesses. The strategy focuses on prioritizing leading market positions in an under-penetrated region with clear growth avenues, scaling an integrated digital ecosystem, unlocking synergies by leveraging shared capabilities across the ecosystem, and delivering strong, resilient results across economic cycles.

Low Double Leverage: Credicorp’s double leverage remained low at 99.6% at YE 2025, compared with 99.2% in 2024. This was consistently well below the threshold of 120% at which Fitch would typically start to notch down a bank holding company’s ratings. Fitch does not expect double leverage to change materially over the rating horizon. Debt incurred at the holding company level was maintained as a conservative liquidity backstop for use during periods of stress, particularly during the pandemic. However, the senior debt has already matured, and there has been no need to refinance or replace it.

Strong Liquidity Management: Credicorp’s liquidity management is prudent, supported by good access to capital markets and a diversified mix of funding and liquidity sources. The group continues to benefit from a structurally efficient low-cost funding base and an improved funding mix, while more expensive funding sources declined, aside from a subordinated bond issuance at BCP.

Capital Fungibility: Credicorp’s financial flexibility at the holding company level is supported by recurring up-streaming of excess capital from its operating subsidiaries. Excess capital is typically transferred to the holding company in March, after which Credicorp may propose an ordinary dividend, with the potential for an extraordinary dividend, depending on business conditions. In Fitch’s view, the group’s diversified earnings base across banking, microfinance, insurance, pensions, asset management and digital businesses supports internal capital generation and enhances the holding company’s capacity to meet its financial commitments. However, the extent of upstream distributions remains linked to the performance, capitalization and regulatory requirements of its main subsidiaries.

Consistent Subsidiary Performance: Credicorp’s capital structure benefits from the strong and consistent performance of its core subsidiaries, particularly BCP, which remains the group’s main earnings generator and a key source of financial flexibility. In 2025, BCP’s operating profit-to-risk-weighted asset (RWA) ratio improved to 5.19% at YE 2025 from 4.32% at YE 2024, mainly driven by a stronger financial margin and lower credit costs, supported by improved asset quality. Fitch expects BCP’s profitability to remain strong, although it could decline slightly from its exceptionally strong level in 2025 due to margin compression, somewhat higher credit costs, external risks and the bank’s planned growth in riskier but more profitable retail segments.

Rating Sensitivities

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

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.

Rating Report | 23 June 2026

fitchratings.com  1

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

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

Applicable Criteria

Bank Rating Criteria (May 2026)

Related Research

Fitch Upgrades Banco de Credito del Peru and Credicorp to ‘BBB+’; Outlook Stable (June 2026)

Latin American Banks Outlook 2026

(December 2025)

Global Banks Mid-Year 2026 Outlook Compendium (June 2026)

Analysts

Larisa Arteaga

+52 55 5955 1621

larisa.arteaga@fitchratings.com

Abraham Martinez

+56 2 3321 2901

abraham.martinez@fitchratings.com

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