Peru’s long-term foreign currency rating was downgraded from BBB+ to BBB, and its domestic currency rating was downgraded from A- to BBB+, according to Standard & Poor’s Global Ratings.
The agency’s outlook was likewise changed from negative to steady. Despite this, Peru retains the second-best credit rating in the region, owing to its strong fiscal accounts and macroeconomic fundamentals.
Peru’s economy is recovering quickly, according to the Ministry of Economy and Finance (MEF), and has returned to pre-pandemic levels. It also continues to lead the region’s economic progress.
In actuality, its GDP growth in 2021 was 13.3 percent, compared to 6.8 percent in Latin America and S&P’s prediction of 12 percent growth in October 2021.
The government’s thorough and effective response, as well as the faster advancement of the COVID-19 immunization procedure and the speedy recovery of investments, all contributed to the Peruvian economy’s swift recovery.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.