As part of the
held bilateral working meetings with representatives from the credit rating agencies S&P Global and Fitch Ratings to review the main factors that will be considered in the upcoming assessments of Peru’s sovereign credit ratings.
The agencies noted that, in Peru's case, the future evolution of its credit rating will be determined by structural factors such as improvements in governance, reduction in political risk, and predictability of public policies.
The MEF stated that the presence or absence of social conflicts and political deadlock scenarios that could affect economic stability will be especially assessed.
At the macroeconomic level, they emphasized that a return to higher growth rates—driven by a reduction in political uncertainty and progress in structural reforms—will be decisive.
Similarly, the evolution of public finances is being closely monitored, placing emphasis on fiscal consolidation measures that contribute to reducing debt as a percentage of Gross Domestic Product (GDP) and strengthen fiscal buffers.
The Deputy Minister official emphasized that the Peruvian government will continue implementing measures to strengthen institutional framework and legal stability, factors that underpin market confidence in Peru.
He highlighted that Peru's country risk remains at historically low levels.
"Peru's EMBIG spread stood at just 119 basis points as of October 8, that is, 57 points lower than on April 30 and 64 points below October 2023. This indicator is well below the regional average (375 bps) and countries such as Mexico (213) and Colombia (255)," Lahura pointed out.
He added that Peru's solid economic performance will continue to support its credit rating, thanks to a benign inflationary environment, copper's low exposure to U.S. tariff measures, and the government's efforts to simplify regulations and reactivate private investment, including stalled mining and infrastructure projects.
It is worth noting that in November 2024 Fitch upgraded the outlook for Peru's BBB rating from negative to stable, supported by strong policies that fostered economic recovery and preserved macroeconomic stability.
The MEF stated that the negative outlook had been assigned in October 2022 due to political unrest that threatened institutional cohesion and economic strength.