Fitch upgrades Peru

Fitch Ratings said it upgraded Peru's local- and foreign-currency issuer default ratings to BB+ from BB, country ceiling to BBB- from BB+ and collateralized Brady Bonds to BBB- from BB+. The short-term foreign-currency issuer default rating was affirmed at B.

Fitch said Peru has benefited markedly from favorable trends in the global economy that have underpinned rapidly growing exports, notably of metals and such non-traditional exports as textiles and agro-industrial goods, as well as strong output growth of around 6% per year.

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