Fitch affirms Peru

Fitch Ratings said it affirmed Peru's BBB- long-term foreign-currency issuer default rating, BBB long-term local-currency issuer default rating, F3 short-term issuer default rating and BBB country ceiling.

The outlook is stable.

The agency said the affirmation recognizes that Peru's solid macroeconomic framework, which resulted in record accumulation of foreign assets, as well as its strong fiscal and external solvency indicators, which have increased the economy's capacity to withstand a commodity price collapse, a recession in the world's advanced economies and a reversal of capital and financial flows.

Of the challenges facing all emerging markets, Fitch believes the collapse in commodity prices will affect Peru most significantly, contributing to a deterioration of the current account balance, currency weakness and reduced fiscal revenues.

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