The rating upgrade is a clear positive catalyst that should tighten credit spreads on BAP's outstanding bonds and reduce future funding costs. Monitor for potential follow-on upgrades if BCP sustains its strong financial profile; the Stable Outlook suggests no near-term downgrade risk. The upgrade also supports the dividend upstreaming capacity to the holding company.
Price Chart
Executive Summary
Credicorp Ltd. filed a 6-K disclosing that Fitch Ratings upgraded its Long-Term Foreign Currency IDR to BBB+ from BBB with a Stable Outlook, and affirmed its Short-Term IDR at F2. The upgrade reflects improved profitability, asset quality, and capitalization at its main subsidiary, Banco de Credito del Peru, which now has a Viability Rating of bbb+. This is a clear credit-positive signal that reduces borrowing costs and signals financial strength.
Key Facts
- Fitch upgraded Credicorp Ltd.'s Long-Term Foreign Currency IDR to BBB+ from BBB with Stable Outlook on June 8, 2026.
- Banco de Credito del Peru's Viability Rating was upgraded to bbb+ from bbb, and its Long-Term IDRs were upgraded to BBB+ from BBB.
- BCP's 90-day past-due loans ratio improved to 2.8% at YE25 from 3.3% at YE24.
- Operating profit-to-risk-weighted assets ratio improved to 5.19% at YE25 from 4.32% at YE24.
- CET1 ratio strengthened to 13.66% at YE25 from 13.08% at YE24.
- BCP holds 37.1% of assets and 39.0% of deposits in the Peruvian financial system as of YE25.
- Credicorp's double leverage was 99.6% at YE25, well below the 120% threshold for notching down.
Financial Impact
Rating upgrade from BBB to BBB+ reduces credit risk premium on Credicorp's and BCP's debt securities, potentially lowering future borrowing costs by tens of basis points. BCP's senior unsecured bonds were upgraded to BBB+ and subordinated Tier 2 bonds to BBB-.
Risk Factors
- Political uncertainty tied to Peru's election cycle could temper credit appetite and economic growth.
- Potential margin compression and higher credit costs from planned growth in riskier retail segments.
- A sovereign rating downgrade could pressure BCP's and Credicorp's ratings given the linkage.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-024572 |
| Document: ef20075771_6k.htm | 0001140361-26-024572 |
| Document: 0001140361-26-024572-index-headers.html | 0001140361-26-024572 |
| Document: 0001140361-26-024572-index.html | 0001140361-26-024572 |
| Document: 0001140361-26-024572.txt | 0001140361-26-024572 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 17, 2026 9w ago | 6-K | $368.44 $386.29 | ▲ +4.84% | ▲ +5.83% | $375.26 (+1.85%) |
Jun 24, 2026 17w ago | 6-K | $380.41 $387.63 | ▲ +1.90% | ▲ +1.37% | $375.26 (−1.35%) |
Jun 9, 2026 19w ago | 6-K | $349.61 $386.47 | ▲ +10.54% | ▲ +9.10% | $375.26 (+7.34%) |
May 18, 2026 23w ago | 6-K | $303.86 $364.28 | ▲ +19.88% | ▲ +18.30% | $375.26 (+23.50%) |
May 13, 2026 23w ago | 6-K | $326.18 $369.55 | ▲ +13.30% | ▲ +14.15% | $375.26 (+15.05%) |
May 5, 2026 24w ago | 6-K | $326.55 $327.42 | ▲ +0.27% | ▼ −2.51% | $375.26 (+14.92%) |
Apr 27, 2026 25w ago | 20-F | $320.72 $351.75 | ▲ +9.68% | ▲ +4.21% | $375.26 (+17.01%) |
Apr 27, 2026 25w ago | Press Release | $320.72 $351.75 | ▲ +9.68% | ▲ +4.21% | $375.26 (+17.01%) |
Apr 23, 2026 26w ago | Press Release | $323.65 $344.00 | ▲ +6.29% | ▲ +2.26% | $375.26 (+15.95%) |
Apr 1, 2026 29w ago | 6-K | $339.98 $324.17 | ▼ −4.65% | ▼ −14.53% | $375.26 (+10.38%) |
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