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Moody's On Pension Reform Bill

PERU

According to Moody's, planned pension reform in Peru may prompt AFP closures.

  • The proposed legislation by Peruvian congressional committee may threaten the market share of existing pension fund managers.
  • The new pension system would include heavy government intervention "which could become pervasive" according to the ratings agency.
  • The proposal would likely weaken, if not eliminate the attributes of a private pension system.
  • Moody's do add it is hard to gauge the likelihood of the proposal becoming law due to mixed sentiment towards the bill in Congress and a volatile political backdrop.

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