Fitch ups Peru to BB

Fitch Ratings said it upgraded Peru's long-term foreign currency rating to BB from BB-, reflecting the passage last week of pension reform and robust macroeconomic and fiscal performance. The outlook is stable.

Fitch also affirmed the short-term rating at B and upgraded the country ceiling to BB.

"Passage of civil servant pension reform boosts the credibility of fiscal management in Peru," said Fitch's Therese Feng. "By lowering future pension outlays, this reform could provide room for the pursuit of other important public policy goals, such as upgrading infrastructure and education."

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