President Ollanta Humala said Peru’s credit rating upgrade by Fitch highlights the Andean country’s strong economic growth to the world amid uncertainty in international markets.
On Wednesday, Fitch raised Peru’s credit rating to BBB-plus, from BBB. It said that the upgrade was due to Peru’s fiscal balance sheets, macroeconomic stability and strong outlook for future growth, thanks in large part to mining investments.
Humala said the upgrade was due to the “effort of the country, the efforts of the people and the responsible management of the economy by the government.”
“The country is better positioned internationally in the capital markets,” Humala said, according to state news agency Andina. “Peru can access financing with better conditions than other countries in the case when it needs it.”
“Peru is showing itself as an economically solid and stable country,” Humala added.
Peru’s gross domestic product has slowed this year. However, it is still posting robust growth. In the first eight months of 2012, the economy has expanded 5 percent. It is expected to grow by about 5.5 percent for the full-year 2013 thanks to an expected pickup in activity in the fourth-quarter.