S&P ups Peru sovereign rating

Standard & Poor's raised its long-term foreign currency sovereign credit rating on the Republic of Peru to BB from BB-.

S&P also affirmed its BB+ long-term local currency and its B short-term sovereign credit ratings on the republic.

The outlook is stable.

According to S&P sovereign analyst Sebastian Briozzo, the upgrade was based upon the recent strengthening of Peru's economic fundamentals and the expectation that these economic policies will be sustained in the future, despite the continuing problems in Peru's political environment.

S&P said that Peru's creditworthiness will continue to be limited by a weak political environment consistent with a BB rating.

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