15:21 | New York, Sep. 30.
Fitch Ratings has affirmed the 'BBB+' and 'A-' Issuer Default Ratings (IDRs) of Peru's Long-term foreign- and local-currency, while the rating outlook remains stable, it was reported Tuesday.
The issue ratings on Peru's senior unsecured foreign- and local-currency bonds were also affirmed at 'BBB+' and 'A-', respectively. Likewise, the Country Ceiling was affirmed at 'A-' and the Short-term foreign currency IDR at 'F2'.
"The rating outlook on the long-term IDRs is stable while the country ceiling is affirmed at 'A-' and the short-term foreign currency IDR at 'F2'," the global rating agency said in its latest report.
Fitch said Peru's ratings are supported by the country's established track record of policy coherence and credibility which has delivered high growth and entrenched macroeconomic and financial stability.
The report continued, "The sovereign's strong balance sheet and its fiscal and external financing flexibility underpin its strong shock absorption capacity".
According to the New York-based credit rating agency, Peru's sovereign balance sheet is among the strongest in the 'BBB' category supported by robust external buffers and low debt.
"Peru's international reserves, at 31% of GDP, continue to provide the country with the capacity to adjust to a lower commodity price environment, tightening global financial conditions and relatively high financial dollarization", the agency said.
Furthermore, Peru's robust external buffers have allowed the central bank to smooth increased FX market volatility and the reduction in the participation of non-residents in the local market.
(END) LOG/AQR/DLG/LOG
Published: 9/30/2014