Tuesday, October 29, 2013

Perú: President Humala Touts Credit Rating Upgrade by Fitch to BBB-Plus from BBB

According to The Peruvian Times, President Ollanta Humala said Perú's credit rating upgrade by Fitch to BBB-Plus from BBB demonstrates Perú's robust economic environment, despite declining global economic uncertainty.

Last week Fitch raised Perú’s credit rating to BBB-plus, from BBB. It said that the upgrade was due to Perú’s fiscal balance sheets, macroeconomic stability and strong outlook for future growth, thanks in large part to mining investments.

COMMENT: Perú’s gross domestic product has slowed in 2013, yet it remains to post robust growth. In the first eight months of 2012, the economy expanded by 5%.  It is expected to grow by about 5.5% thanks to increased growth during the fourth-quarter of 2012.