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Financial News: CHILE: Piñera's Electoral Victory Should Boost Investment

CHILE: Piñera's Electoral Victory Should Boost Investment, Moody's Says

12/19/2017 - 20:06:00 (RTTNews)

(RTTNews) - Conservative former Chilean President Sebastián Piñera regained his position after winning the second round of the presidential elections in Chile - and according to the credit rating agency Moody's, the result should provide a boost to business confidence and investment.

"Piñera's victory is largely positive for credit. The low business confidence and private investment have exacerbated negative trends in the mining sector, leading to an average growth of 1.6% in 2016-17," Moody's said.

While the agency still expects growth to be in a 2.5%-3.5% range in the coming years, Piñera's triumph in the election means that there is growth potential for the projections of +2.7% and +2.9% for 2018 and 2019, respectively.

However, Moody's does not expect a total reversal of Michelle Bachelet's fiscal reforms, as the president-elect does not have a majority in Congress and will face a relatively solid opposition. In this sense, Moody's stressed that Piñera must commit to the opposition to boost its political agenda, a condition that will test his willingness and ability to prioritize an agenda in favor of growth.

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