Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) and Country Ceiling for Peru as follows:
- Foreign currency IDR at ‘BBB’;
- Local currency IDR at ‘BBB+’;
- Foreign currency short-term IDR at ‘F2’;
- Country ceiling at ‘BBB+’.
The Rating Outlook is Stable.
Peru’s ratings are underpinned by its solid macroeconomic performance, the strength of its economic policy framework and the sovereign’s robust external and fiscal balance sheets. These credit strengths are balanced against high commodity dependence, still significant levels of financial dollarization, a narrow government revenue base, large foreign currency exposure of government debt, and weaker structural factors such as income per capita and institutional quality.
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