Central Reserve Bank (BCR) Governor Julio Velarde proved optimistic on Peru's economic performance and suggested the Inca nation could further upgrade its credit ratings in the medium-terms with proper reforms.
Since Peruvian President Pedro Pablo Kuczynski contributed to Spain's credit rating upgrade back in the 80s, he has no doubt this will happen with Peru as well.
"Peru already has a high credit rating and stable outlook in a context where other Latin American nations have recorded downturns. I think it [a credit rating upgrade] would be hard in the short term, but it is possible in the medium-term," he told Andina news agency from Madrid.
The banker remarked Standard & Poor’s credit rating for Peru stands at BBB+ with positive outlook, whereas Moody's rating for the Latin nation was last set at A3, also with stable outlook.
Likewise, he said, there is a positive perception of global economy, and his outlook for Peru is even better.
"I am optimistic. I think commodity prices have dropped low enough, and emerging currencies have been punished [...]. I have no doubt it [the government] will do well," he anticipated.
Velarde participated in the Europe Investment RoadShow 2016 London-Madrid aimed at drawing more foreign capitals into various public and private projects in Peru.
Citibank
Also participating in the event, Citibank Chairman for Europe, Middle East and Africa (EMEA) Banking Alberto Verme agreed with the BCR head that Peru can aim to higher credit scores.
In this respect, he said the new government and undertaken reforms promise positive investment, employment and fiscal responsibility outlooks for the Andean country.
"I wouldn't be surprised, if [credit] rating agencies upgrade Peru," the Citibank executive said, adding that such promotion would be well-deserved.
Remarks were made during the London-Madrid RoadShow 2016 organized by inPERU organization.
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