Garcia describes bright future for Peruvians with investment grade rating

President Alan Garcia enthusiastically told Peruvians on Thursday that the nation’s promotion in its foreign currency debt to investment grade by Fitch Ratings will soon translate to more jobs, better salaries and lower interest rates.

“What is the concrete effect of this rating? That all the world’s banks, the financial institutions, the pension funds of the United States and of Europe know that investment in Peru is a safe investment, a stable investment in a solid economy,” Garcia said during a news conference at the Government Palace.

Garcia added that the upgrade puts Peru on a footing with Chile, the only other South American country to achieve investment grade status.

Peru has been lauded for maintaining tight reigns on its fiscal policy amid record economic expansion on strong international commodity prices, with its mining, and a surge in the domestic economy driven by booming construction and strong internal demand. The economy grew 7 percent last year, marking nine straight years of growth.

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