MNI BRIEF: Fed Banks Unanimous On Steady Discount Rate-Minutes

MNI BRIEF: Powell - Immigration Has Neutral Inflation Impact Over Long Run

MNI China Daily Summary: Tuesday, July 9

MNI BRIEF: Mexico Inflation 4.98% In June, Above Consensus

CORRECTED-MNI: China H2 Steel Outlook Subdued

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: 12/14-Year Bund Auction on Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction On Wednesday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

S&P Downgrades Peru to BBB-, Outlook Stable

PERU
BulletEM BulletEmerging Market NewsHomepage
  • Overnight, Peru‘s long-term foreign currency debt rating was downgraded by S&P to BBB-, the lowest investment grade score, from BBB. Correspondingly, the ratings agency’s outlook was adjusted to stable from negative.
  • S&P expects a moderate economic recovery for Peru in 2024-2025 following the contraction in real GDP last year stemming from various shocks to growth. However, a fragmented Congress and limited political capital of the administration weigh on private-sector investment sentiment and pose an opportunity cost to growth, which constrains Peru’s capacity to rebuild fiscal space.
  • The stable outlook incorporates S&P’s expectation of moderate growth and fiscal deficits that keep net general government debt inching higher, though they expect it to remain below 30% of GDP over the next three years.
119 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Overnight, Peru‘s long-term foreign currency debt rating was downgraded by S&P to BBB-, the lowest investment grade score, from BBB. Correspondingly, the ratings agency’s outlook was adjusted to stable from negative.
  • S&P expects a moderate economic recovery for Peru in 2024-2025 following the contraction in real GDP last year stemming from various shocks to growth. However, a fragmented Congress and limited political capital of the administration weigh on private-sector investment sentiment and pose an opportunity cost to growth, which constrains Peru’s capacity to rebuild fiscal space.
  • The stable outlook incorporates S&P’s expectation of moderate growth and fiscal deficits that keep net general government debt inching higher, though they expect it to remain below 30% of GDP over the next three years.