Peru Gets Rating Boost

Peru’s sovereign debt credit rating got a boost on Tuesday after Fitch Ratings changed its outlook on the country’s ratings to positive from stable, commenting that it believed “favorable public finance and external account trends will continue,” raising the likelihood of an upgrade “over a horizon of two years”. However, the agency warned that the concentrated nature of the country’s export base in commodities remained a “key credit weakness”. Peru is currently rated BB+ by Fitch, just one level below investment grade. The sovereign also carries a BB+ rating from Standard & Poor’s.