Moody’s has raised Peru’s credit rating to Baa3 from Ba1, becoming the third agency to assign an investment-grade rating to the sovereign, more than a year after S&P and Fitch. “As with other sovereigns that have been recently upgraded, the decision to raise Peru's foreign currency ratings was driven by indications of increased shock-absorption capacity relative to similar or higher-rated sovereigns,” Moody's says, calling the country an “ordinal winner” during the crisis. The agency lauds Peruvian authorities’ ability to employ counter-cyclical policies during the turmoil and the government’s fiscal flexibility. The remaining risks come from political events and a per capita income that compares unfavorably with that of other Baa-rated countries, Moody’s says. Fitch gave Peru its BBB minus mark in April 2008, with S&P following three months later.