S&P raises Peru

Standard & Poor's said it raised its foreign currency long-term credit rating on the Republic of Peru to BBB- from BB+ and raised its local currency long-term credit rating on the republic to BBB+ from BBB-.

S&P said it also raised its short-term foreign currency sovereign credit rating on Peru to A-3 from B and its short-term local currency sovereign credit rating to A-2 from A-3.

The outlook on the long-term ratings is stable.

In addition, S&P said it raised its transfer and convertibility assessment for Peru to BBB+ from BBB, adding that it withdrew its recovery rating of 3 on the republic, such ratings are only assigned to speculative-grade foreign currency ratings.

According to the agency, the upgrade is supported by the significant decline in Peru's fiscal and external vulnerabilities within a context of high and diversifying sources of growth with low inflation and strengthening macroeconomic fundamentals.

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