S&P Downgrades Credicorp Ltd. Rating to BBB-
Ticker: BAP · Form: 6-K · Filed: Apr 29, 2024 · CIK: 1001290
| Field | Detail |
|---|---|
| Company | Credicorp Ltd (BAP) |
| Form Type | 6-K |
| Filed Date | Apr 29, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Sentiment | bearish |
Sentiment: bearish
Topics: credit-rating, downgrade, financial-news
Related Tickers: BAP
TL;DR
S&P just dropped Credicorp's rating to BBB-.
AI Summary
On April 26, 2024, Credicorp Ltd. announced that S&P Global Ratings downgraded its credit rating from BBB to BBB-. This action was taken following S&P's review of Credicorp's financial standing and outlook.
Why It Matters
A credit rating downgrade can impact a company's borrowing costs and investor confidence, potentially affecting its ability to raise capital.
Risk Assessment
Risk Level: medium — A credit rating downgrade by a major agency like S&P indicates increased financial risk for the company.
Key Numbers
- BBB — Previous Credit Rating (Represents the higher rating before the downgrade.)
- BBB- — New Credit Rating (Represents the lowered rating after the downgrade.)
Key Players & Entities
- Credicorp Ltd. (company) — The company whose credit rating was downgraded.
- S&P Global Ratings (company) — The credit rating agency that performed the downgrade.
- BBB (dollar_amount) — The previous credit rating of Credicorp Ltd.
- BBB- (dollar_amount) — The new, lowered credit rating of Credicorp Ltd.
- April 26, 2024 (date) — The date of the notification regarding the rating change.
FAQ
What specific reasons did S&P Global Ratings provide for the downgrade?
The filing states that S&P Global Ratings lowered the credit rating, but does not detail the specific reasons in this notification.
When did this rating change officially take effect?
The filing is dated April 26, 2024, and reports the downgrade as a material event, implying the change is effective around this date.
Does this downgrade affect Credicorp's subsidiaries, such as Banco de Credito del Peru?
The filing does not explicitly state the impact on subsidiaries, but a downgrade of the parent company often has implications for its group entities.
What is the significance of the BBB- rating from S&P?
A BBB- rating from S&P is considered 'investment grade' but is at the lower end of this category, indicating adequate capacity to meet financial commitments, with the possibility of adverse economic conditions affecting this capacity.
Is Credicorp Ltd. required to file a Form 20-F annually?
Yes, the filing indicates with a checkmark that Credicorp Ltd. files annual reports under cover of Form 20-F.
Filing Stats: 429 words · 2 min read · ~1 pages · Grade level 15.4 · Accepted 2024-04-29 17:13:31
Filing Documents
- ef20027926_6k.htm (6-K) — 13KB
- ef20027926_ex99-1.htm (EX-99.1) — 76KB
- image00001.jpg (GRAPHIC) — 4KB
- image00002.jpg (GRAPHIC) — 3KB
- image00003.jpg (GRAPHIC) — 4KB
- 0001140361-24-023110.txt ( ) — 107KB
From the Filing
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 April 2024 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 Lima 12, 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): ____ April 26, 2024 Securities and Exchange Commission - SEC Re.: MATERIAL EVENT Dear Sirs: We hereby notify you as a Material Event that S&P Global Ratings lowered the credit rating of Credicorp Ltd. (Credicorp) from BBB to BBB- and changed the outlook from negative to stable. The update on the rating mirrors the action on the long-term sovereign ratings of Peru, which were downgraded from BBB to BBB- and the outlook was changed from negative to stable. The information in this Form 6-K regarding the rating of S&P Global 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 S&P Global 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 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/ Guillermo Morales 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: April 26, 2024 CREDICORP LTD. (Registrant) By: /s/ Guillermo Morales Guillermo Morales Authorized Representative