CREDICORP LTD.
(Registrant)
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By:
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/s/ Miriam Böttger
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Miriam Böttger
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Authorized Representative
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On Dec. 12, 2022, S&P Global Ratings revised its outlook on Peru to negative from stable after the most recent change in power and reflecting the risks stemming from the enduring political standstill and challenging
relationship between the country's executive and legislative branches of government. These risks threaten to weaken the government's capacity to implement timely policies to support robust private investment and economic growth.
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Following this action, we revised the outlooks to negative from stable on four banks operating in the country that we rate at the same level as the sovereign. We rarely rate financial institutions higher than the sovereign where
they operate because we consider it unlikely that these institutions would remain unaffected by developments in domestic economies.
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We also affirmed the ratings on two holding companies that are significantly exposed to Peru and that already have negative outlooks. In addition, we affirmed the ratings and stable outlooks on two entities that we rate below the
sovereign.
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www.spglobal.com/ratingsdirect
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December 14, 2022
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General Criteria: Hybrid Capital: Methodology And Assumptions, March 2, 2022
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Criteria | Financial Institutions | Banks: Banking Industry Country Risk Assessment Methodology And Assumptions, Dec. 9, 2021
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Criteria | Financial Institutions | General: Financial Institutions Rating Methodology, Dec. 9, 2021
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General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021
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General Criteria: Group Rating Methodology, July 1, 2019
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Criteria | Financial Institutions | General: Risk-Adjusted Capital Framework Methodology, July 20, 2017
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General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017
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General Criteria: Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015
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General Criteria: Ratings Above The Sovereign--Corporate And Government Ratings: Methodology And Assumptions, Nov. 19, 2013
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General Criteria: Principles Of Credit Ratings, Feb. 16, 2011
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Criteria | Insurance | General: Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010
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Peru Outlook Revised To Negative On Heightened Political Risk; 'BBB/A-2' Foreign Currency Ratings Affirmed Dec. 12, 2022
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Banking Industry Country Risk Assessment: Peru, Sept. 27, 2022
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Ratings Affirmed; Outlook Action
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To
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From
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Banco de Credito del Peru
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Issuer credit rating
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BBB/Negative/A-2
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BBB/Stable/A-2
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MiBanco Banco de La Microempresa S.A.
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Issuer credit rating
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BBB/Negative/A-2
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BBB/Stable/A-2
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Scotiabank Peru S.A.A.
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Issuer credit rating
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BBB/Negative/A-2
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BBB/Stable/A-2
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Banco BBVA Peru | ||
Issuer credit rating
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BBB/Negative/A-2 | BBB/Stable/A-2 |
Ratings Affirmed
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Banco Internacional del Peru S.A.A - Interbank
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Issuer credit rating
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BBB-/Stable/--
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Intercorp Financial Services Inc.
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Issuer credit rating
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BBB-/Negative/A-3
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Credicorp Ltd.
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Issuer credit rating
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BBB/Negative/--
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Corporacion Financiera de Desarrollo S.A.
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Issuer credit rating
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BBB-/Stable/A-3
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Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with
such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating
action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.
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