Fitch downgrades Peru on low growth prospects

Fitch downgrades Peru on low growth prospects

Corporate & Sovereign Strategy Credit Ratings Fitch Ratings Debt Bonds Fixed Income Peru

Fitch Ratings said Friday that it downgraded Peru's long-term foreign currency rating to BBB from BBB+, citing a "steady erosion over time" of the sovereign balance sheet that has accelerated since the COVID-19 pandemic started in 2020. Peru's debt levels are "materially higher" than when Fitch upgraded the country in 2013 and political volatility has increased in recent years, weakening economic prospects over the medium term, Fitch said in a report.  Even before the pandemic, GDP growth in Per

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