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Fitch Affirms Peru at 'BBB'; Outlook Stable

PERU
BulletEM BulletEmerging Markets
  • Peru's 'BBB' ratings are supported by its net external creditor position, track record of the macroeconomic policy and fiscal frameworks and moderate public debt.
    • Rating constraints include lower governance, income per capita, and social indicators than the 'BBB' median, high commodity export dependence, and the low government revenue base.
    • The Stable Outlook balances the benefits to public and external finances from high copper prices against risks from political uncertainty.
  • Tempered Economic Outlook: Fitch expects Peru's GDP growth to moderate to 2.5% in 2022 and 2023 after a sharp 13.3% recovery of headline growth in 2021.
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  • Peru's 'BBB' ratings are supported by its net external creditor position, track record of the macroeconomic policy and fiscal frameworks and moderate public debt.
    • Rating constraints include lower governance, income per capita, and social indicators than the 'BBB' median, high commodity export dependence, and the low government revenue base.
    • The Stable Outlook balances the benefits to public and external finances from high copper prices against risks from political uncertainty.
  • Tempered Economic Outlook: Fitch expects Peru's GDP growth to moderate to 2.5% in 2022 and 2023 after a sharp 13.3% recovery of headline growth in 2021.