S&P raises Peru rating to BBB+, outlook stable

SYDNEY: Standard & Poor's Ratings Services has raised its long-term sovereign foreign currency rating on the Republic of Peru to BBB+, from BBB, and its long-term sovereign local currency rating to A- from BBB+.

The agency said the outlook for the rating was now stable. S&P also affirmed its A-2 short-term ratings on Peru, and raised its transfer and convertibility assessment to A from A-.

"We raised our long-term foreign and local currency ratings because Peru has reduced its vulnerability to external shocks and enhanced its capacity for stable long-term GDP growth," S&P said.