October 23, 2013 / 2:27 PM / 4 years ago

Fitch upgrades Peru to BBB-plus; outlook stable

NEW YORK, Oct 23 (Reuters) - Rating agency Fitch on Wednesday upgraded Peru’s credit rating one notch further into investment grade on the country’s fiscal balance sheets and its record of growth and stability.

Fitch raised the country to BBB-plus from BBB, also citing “continued pragmatism” under President Ollanta Humala and “steady progress on reforms.”

“Peru’s upgrade is underpinned by the strength of the sovereign’s external and fiscal balance sheets, continued growth outperformance in relation to ‘BBB’ peers and a long track record of macroeconomic and financial stability,” the rating agency said in a statement.

The outlook is stable.

Moody’s rates the country Baa2 with a positive outlook. Standard & Poor’s rates the country BBB-plus with a stable outlook.

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