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S&P Revises Peru Outlook To Negative Amid Political Developments

PERU
  • Peru's outlook was downgraded to negative on Monday. Its long-term foreign currency debt rating was affirmed by S&P at BBB, the second-lowest investment grade score.
    • S&P highlighted that the way Peru's most recent change in power occurred reflects heightened political deadlock, and it increases risks ahead. Additionally, it creates uncertainty about Peru's institutional stability and its capacity to sustain continuity in key economic policies and support economic growth, in their view.
  • Separately, the governments of Mexico, Argentina and Colombia called for the protection of Pedro Castillo, the Peruvian leader impeached by congress last week for attempting a coup, in a strongly-worded communique that stopped short of asking for his reinstatement.
    • The three, as well as Bolivia, issued a joint statement calling on Peru to respect the rights of Castillo, who they refer to as Peru’s president even after he was ousted. (Bloomberg)
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