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Fitch Downgrades Peru to 'BBB'; Outlook Stable

PERU
  • Fitch Ratings has downgraded Peru's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BBB' from 'BBB+'. The Outlook is Stable.
    • "The downgrade via the removal of the former positive notch for macro and fiscal policy credibility reflects the steady erosion over time of Peru's sovereign balance sheet and other key rating metrics, as a result of a series of shocks; this has accelerated since 2020 due to the pandemic-related recession and fiscal response."

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