Moody's lifts Peru

Moody's Investors Service said it upgraded the foreign-currency bond rating of the government of Peru to Ba1 from Ba2 in light of significant and sustained reductions in foreign-currency related credit vulnerabilities.

The foreign-currency country ceiling for bonds and notes was also upgraded to Baa3 from Ba1 and the country ceiling for foreign-currency bank deposits was raised to Ba2 from Ba3, the agency said.

Also, the short-term foreign-currency bond ceiling was raised to Prime-3 from Not Prime, the agency adding, noting that all ratings have a stable outlook.

"The upgrade was prompted by steady improvement in Peru's sovereign credit profile driven by a continued and accelerated strengthening in the balance sheet of the government and the local banks," said Moody's vice president-senior credit officer Mauro Leos. "Dollarization of both government debt and bank deposits continues to trend downwards."

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