Fitch upgrades Peru

Fitch Ratings said it upgraded Peru's long-term foreign issuer default ratings to BBB+ from BBB and long-term local-currency issuer default rating to A- from BBB+.

The outlook is stable.

Fitch also said it upgraded the country ceiling to A- from BBB+ and affirmed its short-term foreign-currency issuer default rating at F2.

Peru's upgrade is underpinned by the strength of the sovereign's external and fiscal balance sheets, continued growth outperformance in relation to BBB peers and long track record of macroeconomic and financial stability, the agency said.

Peru's established track record of policy coherence and credibility, as well as the sovereign's fiscal and external financing flexibility, underpin its strong shock absorption capacity, Fitch said.

Continued pragmatism under the Humala administration and a steady progress on reforms suggests that the risk of a marked departure of economic policies has reduced, the agency added.

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