# EDGAR Filing Document

**Accession Number:** 0001001290
**File Stem:** 0001140361-25-024637
**Filing Date:** 2025-7
**Character Count:** 22968
**Document Hash:** dd525a52512ca57412fcf69695d92e4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-024637.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001140361-25-024637

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250702

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CREDICORP LTD
- **CENTRAL INDEX KEY:** 0001001290
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14014
- **FILM NUMBER:** 251100862

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CLARENDON HOUSE, 2 CHURCH STREET
- **STREET 2:** P.O. BOX HM 666,
- **CITY:** HAMILTON
- **PROVINCE COUNTRY:** D0
- **ZIP:** HM CX
- **BUSINESS PHONE:** 5113135140

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CLARENDON HOUSE, 2 CHURCH STREET
- **STREET 2:** P.O. BOX HM 666,
- **CITY:** HAMILTON
- **PROVINCE COUNTRY:** D0
- **ZIP:** HM CX

------

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under the

Securities Exchange Act of 1934

#### For the month of July 2025

Commission File Number: 001-14014

## CREDICORP LTD.
(Translation of registrant's name into English)

#### Of our subsidiary

#### Banco de Credito del Peru:

#### Calle Centenario 156

#### La Molina 15026

#### Lima, Peru
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

------

![](image00001.jpg)

July 2, 2025

Securities and Exchange Commission - SEC

Re.: MATERIAL EVENT

Dear Sirs:

We hereby notify you as a Material Event that on July 1, 2025, Fitch Ratings released an update of Credicorp Ltd.'s (Credicorp) credit rating report, affirming Credicorp's Long Term Foreign Currency rating at 'BBB' and maintaining its stable outlook.

The information in this Form 6-K regarding the rating of Fitch Ratings has been disclosed in Peru in conformity with Peruvian law (Article 30 of the Capital Markets Law, approved by Supreme Decree 020-2023-EF, and by the Regulation of the Disclosure of Material Events and Reserved Information approved by Resolution 005-2014-SMV/01 of the Peruvian Capital Markets Superintendency). The ratings of Fitch Ratings do not necessarily represent the opinion of Credicorp, nor should they be seen as a recommendation to buy shares or any other securities of Credicorp. Credicorp accepts no liability for the completeness, timeliness, accuracy or selection of such information.

The information in this Form 6-K (including any [exhibit](ef20051490_ex99-1.htm) hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the 'Exchange Act') or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

Sincerely,

/s/ <u>Milagros Cigüeñas</u>

Authorized Representative

Credicorp Ltd.

------

#### SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 2, 2025

---

| | |
|:---|:---|
| CREDICORP LTD.<br> (Registrant) | CREDICORP LTD.<br> (Registrant) |
| By: | /s/ Milagros Cigüeñas |
|  | **Milagros Cigüeñas** |
|  | **Authorized Representative** |

---

------

## Exhibit 99.1

------

**Exhibit 99.1**<br>

**** 

![](image00002.jpg)

------

## Credicorp Ltd.

#### Update

#### Key Rating Drivers
**IDRs Driven by Those of Main Subsidiary:** Credicorp Ltd.'s Issuer Default Ratings (IDRs) are driven primarily by the IDRs of its main subsidiary, BCP, which boasts a strong business and financial profile. Credicorp's Foreign-Currency Long-Term IDR of 'BBB' with a Stable Rating Outlook is equalized to BCP's rating, mainly due to Credicorp's low double leverage and strong liquidity management.

**Low Double Leverage:** Credicorp's double leverage was low at 99.2% at YE24; this compares to the 2021-2024 average of 100.4%. The bank holding company has a long track record of significant dividend flows (particularly from BCP), which provide the majority of its liquidity.

**Strong Corporate Strategy:** Credicorp is a non-operating holding company that maintains an integrated business platform comprising leading Peruvian and Bolivian banking, insurance, pension, and asset and wealth management companies, as well as entities in the microfinance (SME) sector in Peru and Colombia.

**Consistent Performance**: Credicorp's capital structure benefits from its subsidiaries' sound performance, which allows it to maintain consistent dividend flows. Consolidated profitability at YE24 improved, benefiting from loan portfolio growth and asset quality improvement, a stronger net interest margin primarily due to an increase in low-cost deposits, and significant gains from trading.

**Senior Debt Ratings:** The senior global debt rating is at the same level as Credicorp's Long-Term IDRs of 'BBB', as the likelihood of default on the notes is the same as that of Credicorp.

---

| | |
|:---|:---|
| **Banks**<br> Bank Holding Companies<br> **Bermuda** | **Banks**<br> Bank Holding Companies<br> **Bermuda** |
| **Ratings**  |  |
| **Foreign Currency** |  |
| Long-Term IDR | BBB |
| Short-Term IDR | F2 |
| **Outlooks** |  |
| Long-Term Foreign-Currency  |  |
| IDR | Stable |
| **Highest ESG Relevance Scores** | **Highest ESG Relevance Scores** |
| Environmental | 2 |
| Social | 3 |
| Governance | 3 |
| **Applicable Criteria** | **Applicable Criteria** |
| Bank Rating Criteria (March 2025) | Bank Rating Criteria (March 2025) |
| **Related Research** | **Related Research** |
| Fitch Affirms Banco de Credito del Peru at <br> 'BBB'; Outlook Stable (June 2025)<br> Latin American Banks Outlook 2025 <br> (December 2024)<br> Global Banks Mid-Year 2025 Outlook <br> Compendium (June 2025) | Fitch Affirms Banco de Credito del Peru at <br> 'BBB'; Outlook Stable (June 2025)<br> Latin American Banks Outlook 2025 <br> (December 2024)<br> Global Banks Mid-Year 2025 Outlook <br> Compendium (June 2025) |
| **Analysts** | **Analysts** |
| Ricardo Aguilar<br> +52 81 4161 7086<br> ricardo.aguilar@fitchratings.com<br> Larisa Arteaga<br> +57 601 241 3270<br> larisa.arteaga@fitchratings.com | Ricardo Aguilar<br> +52 81 4161 7086<br> ricardo.aguilar@fitchratings.com<br> Larisa Arteaga<br> +57 601 241 3270<br> larisa.arteaga@fitchratings.com |

---

 <br> Update │ July 1, 2025 fitchratings.com <br> 1 <br>

------

---

| | |
|:---|:---|
| ![](image00002.jpg) | **Banks** <br> Bank Holding Companies <br> **Bermuda** |

---

#### <br>

---

| | |
|:---|:---|
| **Rating Sensitivities** | **Rating Sensitivities** |
| **Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade** | **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 ratios could also be detrimental to Credicorp's ratings. |
| **Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade** | **Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade** |
| •  | Credicorp's ratings would move in tandem with positive rating actions on its main operating subsidiary, BCP. |

---

---

| | |
|:---|:---|
| **Other Debt and Issuer Ratings** | **Other Debt and Issuer Ratings** |
| **Rating level** | **Rating** |
| Senior unsecured: long term | BBB |
| Source: Fitch Ratings, Fitch Solutions, Credicorp Ltd. |  |

---

 <br> Credicorp Ltd. <br> Update │ July 1, 2025 fitchratings.com <br> 2

------

---

| | |
|:---|:---|
| ![](image00002.jpg) | **Banks** <br> Bank Holding Companies <br> **Bermuda** |

---

#### Financials

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dec. 31, 2024** | **Dec. 31, 2024** | | | |
| | **Year end** | **Year end** | | | |
| | **(USD mil.)** | **(PEN mil.)** | | | |
| | **Audited -** <br> **unqualified** | **Audited -** <br> **unqualified** | | | |
| **Summary Financials and Key Ratios**<br>**Summary income statement** | | | <br>**Dec. 31, 2023**<br>**Year end**<br>**(PEN mil.)**<br>**Audited -** <br> **unqualified**<br>| <br>**Dec. 31, 2022**<br>**Year end**<br>**(PEN mil.)**<br>**Audited - <br> unqualified**<br>| <br>**Dec. 31, 2021**<br>**Year end**<br>**(PEN mil.)**<br>**Audited -** <br> **unqualified**<br>|
| Net interest and dividend income | 3780 | 14115.1 | 12938.0 | 11518.1 | 9362.0 |
| Net fees and commissions | 1085 | 4052.1 | 3804.5 | 3640.3 | 3493.7 |
| Other operating income | 894 | 3338.1 | 3065.2 | 2173.7 | 1434.3 |
| Total operating income | 5759 | 21505.3 | 19807.7 | 17332.1 | 14290.0 |
| Operating costs | 2731 | 10196.0 | 9262.5 | 8620.6 | 7740.1 |
| Pre-impairment operating profit | 3029 | 11309.3 | 10545.2 | 8711.5 | 6549.9 |
| Loan and Other Impairment Charges | 950 | 3547.3 | 3626.6 | 1869.8 | 1219.0 |
| Operating profit | 2079 | 7762.0 | 6918.6 | 6841.7 | 5330.9 |
| Other non-operating items (net) | 17 | 62.5 | -70.3 | 14.2 | 1.9 |
| Tax | 590 | 2201.2 | 1888.4 | 2110.5 | 1661.0 |
| Net income | 1506 | 5623.3 | 4959.9 | 4745.4 | 3671.8 |
| Other comprehensive income | -21 | -77.3 | 581.6 | -891.0 | -1660.0 |
| Fitch comprehensive income | 1485 | 5546.0 | 5541.5 | 3854.4 | 2011.8 |
| **Summary balance sheet** |  |  |  |  |  |
| **Assets** |  |  |  |  |  |
| Gross loans | 39028 | 145732.3 | 144976.0 | 148626.4 | 147597.4 |
| - Of which impaired | 1174 | 4383.8 | 4673.6 | 4620.5 | 4203.7 |
| Loan loss allowances | 2141 | 7995.0 | 8277.9 | 7872.4 | 8477.3 |
| Net loan | 36887 | 137737.3 | 136698.1 | 140754.0 | 139120.1 |
| Interbank | 10744 | 40119.9 | 3621.9 | 3942.9 | 8047.6 |
| Derivatives | 242 | 904.8 | 987.7 | 1478.7 | 1661.6 |
| Other securities and earning assets | 15442 | 57659.3 | 56015.4 | 50597.3 | 53860.8 |
| Total earning assets | 63316 | 236421.3 | 197323.1 | 196772.9 | 202690.1 |
| Cash and due from banks | 2018 | 7535.3 | 30309.1 | 30241.0 | 31273.1 |
| Other assets | 3249 | 12132.3 | 11208.0 | 9739.7 | 10883.5 |
| Total assets | 68583 | 256088.9 | 238840.2 | 236753.6 | 244846.7 |
| **Liabilities** |  |  |  |  |  |
| Customer deposits | 43048 | 160740.7 | 146510.3 | 145602.0 | 148268.9 |
| Interbank and other short-term funding | 4402 | 16435.7 | 17723.8 | 15511.1 | 23342.4 |
| Other long-term funding | 5865 | 21900.7 | 21154.6 | 24818.9 | 25035.2 |
| Trading liabilities and derivatives | 219 | 819.5 | 892.0 | 1536.7 | 1862.7 |
| Total funding and derivatives | 53534 | 199896.6 | 186280.7 | 187468.7 | 198509.2 |
| Other liabilities | 5682 | 21215.1 | 19452.4 | 19705.2 | 19300.1 |
| Preference shares and hybrid capital | N.A. | N.A. | N.A. | N.A. | N.A. |
| Total equity | 9367 | 34977.2 | 33107.1 | 29579.7 | 27037.4 |
| Total liabilities and equity | 68583 | 256088.9 | 238840.2 | 236753.6 | 244846.7 |
| Exchange rate | USD1 = PEN3.734 | USD1 = PEN3.734 | USD1 = PEN3.726 | USD1 = PEN3.809 | USD1 = PEN3.9849 |
| N.A. – Not applicable<br> Source: Fitch Ratings, Fitch Solutions, Credicorp Ltd. |  |  |  |  |  |

---

 <br> Credicorp Ltd. <br> Update │ July 1, 2025 fitchratings.com <br> 3

------

---

| | |
|:---|:---|
| ![](image00002.jpg) | **Banks** <br> Bank Holding Companies <br> **Bermuda** |

---

#### <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Summary Financials and Key Ratios**<br>**Ratios (annualized as appropriate)** | <br>**Dec. 31, 2024**<br>| <br>**Dec. 31, 2023**<br>| <br>**Dec. 31, 2022**<br>| <br>**Dec. 31, 2021**<br>|
| **Profitability** | | | | |
| Operating profit/risk-weighted assets | N.A. | N.A. | N.A. | N.A. |
| Net interest income/average earning assets | 6.5 | 6.5 | 5.7 | 4.4 |
| Non-interest expense/gross revenue | 47.7 | 47.0 | 50.0 | 54.5 |
| Net income/average equity | 16.6 | 15.9 | 17.1 | 14.3 |
| **Asset quality** |  |  |  |  |
| Impaired loans ratio | 3.0 | 3.2 | 3.1 | 2.9 |
| Growth in gross loans | 0.5 | -2.5 | 0.7 | 7.2 |
| Loan loss allowances/impaired loans | 182.4 | 177.1 | 170.4 | 201.7 |
| Loan impairment charges/average gross loans | 2.4 | 2.5 | 1.2 | 0.9 |
| **Capitalization** |  |  |  |  |
| Common equity Tier 1 ratio | N.A. | N.A. | N.A. | N.A. |
| Fully loaded common equity Tier 1 ratio | N.A. | N.A. | N.A. | N.A. |
| Fitch Core Capital ratio | N.A. | N.A. | N.A. | N.A. |
| Tangible common equity/tangible assets | 12.5 | 12.7 | 11.4 | 10.0 |
| Basel leverage ratio | N.A. | N.A. | N.A. | N.A. |
| Net impaired loans/common equity Tier 1 | -11.6 | -20.2 | N.A. | N.A. |
| Net impaired loans/Fitch Core Capital | N.A. | -12.1 | -12.2 | -17.6 |
| **Funding and liquidity** |  |  |  |  |
| Gross loans/customer deposits | 90.7 | 99.0 | 102.1 | 99.6 |
| Gross loans/customer deposits + covered bonds | N.A. | N.A. | N.A. | N.A. |
| Liquidity coverage ratio | N.A. | N.A. | N.A. | N.A. |
| Customer deposits/total non-equity funding | 80.7 | 79.0 | 78.2 | 75.3 |
| Net stable funding ratio | N.A. | N.A. | N.A. | N.A. |
| N.A. – Not applicable<br> Source: Fitch Ratings, Fitch Solutions, Credicorp Ltd. |  |  |  |  |

---

 <br> Credicorp Ltd. <br> Update │ July 1, 2025 fitchratings.com <br> 4

------

---

| | |
|:---|:---|
| ![](image00002.jpg) | **Banks** <br> Bank Holding Companies <br> **Bermuda** |

---

SOLICITATION & PARTICIPATION STATUS<br> For information on the solicitation status of the ratings included within this report, please refer to the solicitation status shown in the relevant entity's summary page of the Fitch Ratings website.<br> For information on the participation status in the rating process of an issuer listed in this report, please refer to the most recent rating action commentary for the relevant issuer, available on the Fitch Ratings website.<br>DISCLAIMER & DISCLOSURES<br> All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.fitchratings.com/understandingcreditratings. In addition, the following https://www.fitchratings.com/rating-definitions-document details Fitch's rating definitions for each rating scale and rating categories, including definitions relating to default. 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.<br> 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. <br> 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. <br> 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.<br>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. <br> Copyright© 2025 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.<br>

 <br> Credicorp Ltd. <br> Update │ July 1, 2025 fitchratings.com <br> 5

------