October 18, 2021 |
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
Rating agency cuts the sovereign issuer by one notch to BBB as S&P casts a negative outlook on the country's ratings