Fitch affirms Peru

Fitch Ratings said it affirmed Peru's long-term foreign-currency issuer default rating at BBB- and its long-term local-currency issuer default rating at BBB.

The outlook is stable.

Robust fiscal and external solvency ratios, as well as high external liquidity, support Peru's sovereign ratings, the agency said.

These strengths counterbalance the country's key credit weaknesses, including a concentrated export base, weaker social and governance indicators, and high dollarization, the agency noted.

"Peru's solid macroeconomic fundamentals have increased the economy's capacity to withstand a commodity price collapse, a recession in the world's advanced economies, as well as reduced capital and financial flows," Theresa Paiz Fredel, a senior director at Fitch, said in a statement.

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