Standard & Poor’s: Raises Peru Rating

Aug 23, 2013

The credit rating agency Standard & Poor's raised the rating of Peru in terms of: foreign currency debt, domestic debt (Peru sovereign debt in local currency) as well as the rating of five Peruvian banks. The rating went from "BBB" to "BBB + 'foreign currency ensuring it has reduced vulnerability to external factors that can affect economic stability and improving the ability to more stable growth in the Gross Domestic Product (GDP ) of the economy becoming more reliable to pay the debts that the state holds.

Moreover, improvements in the rating also reached a debt that is held in local currency, from "BBB +" to "A-", indicating that the Peru and its economy, despite the crisis and other global situations adverse, have the ability to respond favorably to their debts, from "positive" to "stable".

Also, the rating of five Peruvian banks has improved Banco de Credito del Peru (BCP), BBVA Banco Continental and Scotiabank Peru as well as state Cofide and Mivivienda Fund, from "BBB" to "BBB +" aligned well to the rating of the country because their individual credit risk profiles were above the sovereign ratings.

The improvements in ratings of the country and of the 5 banks unweave speculation Peru's economic growth is still indicating that stability and good policies that help protect against the crisis to achieve good performance.