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Mining Investment Up 9.9% Compared To Last Year, PetroPeru Downgraded

PERU
  • Prime Minister Anibal Torres, speaking at a press conference, said that death threats against President Pedro Castillo have come from far-right groups.
    • Torres asked to leave hatred behind and called to unite the country
  • Mining investment in Peru totaled US$2.781 billion between January and July 2022, an increase of 9.9% compared to the same period in 2021 (US$2.530 billion), the Ministry of Energy and Mines (Minem) reported on Tuesday.
  • Petroperu's long-term issuer default rating was downgraded by Fitch to BB+ from BBB-. Outlook remains watch negative.
    • ``The downgrade to 'BB+' and revised Standalone Credit Profile to ccc- from ccc reflects a weakening in Petroperu's liquidity, persistent high leverage, insufficient government support, and uncertainty pertaining to its ability to maintain its credit lines''.

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