This report does not constitute a rating action. Overview Key strengths Key risks High-quality and diverse asset base with dominant positions in most business segments. Complex political landscape dents short- to medium-term economic growth in Peru, affecting business conditions. Sufficient liquidity at the holding company to meet obligations, limiting dependence on dividends from operating subsidiaries. The rating on the Bermuda-based nonoperating holding company (NOHC) incorporates the Credicorp group's leading position in Peru's financial industry, business diversification, steady earnings, adequate capitalization, manageable credit risks, diverse and stable funding base, and good liquidity coverage. Our foreign currency sovereign credit rating (BBB-/Stable/A-3) limits the group credit profile on Credicorp because we don't think such a local entity could withstand a sovereign default scenario,
