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Financial News: PERU: Corporate Credit Quality Will Vary After Floods,

PERU: Corporate Credit Quality Will Vary After Floods, Odebrecht - Moody's

08/02/2017 - 19:19:00 (RTTNews)

(RTTNews) - Moody's Investors Services expects Peru's corporate credit quality to vary considerably by sector until 2018, given the economic slowdown expected after the recent floods and corruption scandals related to Brazil's Odebrecht. The credit rating agency forecasts that the Peruvian economic growth will be reduced to 2.6% in 2017, from 3.9% in the previous year.

However, the agency indicates that a better external environment and a boost in public investment associated mainly with the reconstruction of the flooded areas will help economic growth to recover to around 3.9% by 2018.

In contrast to 2016, credit quality will improve in 2017 for export-oriented enterprises in sectors such as mining and fishing due to higher commodity prices and higher fishing quotas, according to report.

Meanwhile, Odebrecht's corruption scandal forced Peru to cancel its contract for the Southern Peru Gas Pipeline, a US$ 7.3 billion gas pipeline project that represents 4.1% of the country's Gross Domestic Product.

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