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Financial News: PERU: Fitch Confirms Investment Grade At BBB

PERU: Fitch Confirms Investment Grade At BBB

09/19/2017 - 18:29:00 (RTTNews)

(RTTNews) - Fitch Ratings affirmed Peru's long-term investment grade rating in foreign currency at 'BBB+' with a stable outlook.

Fitch expects the Peruvian economy to expand by 2.3% in 2017, less than initially forecast, due to damage caused by El Niño-related flooding and delays in large infrastructure projects.

According to the credit risk rating agency, economic growth could rise to 3.7% in 2018 as public investment increases and private investment advances in infrastructure concessions of public-private partnerships (PPPs).

However, the agency warned in its report that political tension could limit major fiscal reforms if tax revenues exceed expectations.

"The government of [Pedro Pablo] Kuczynski has experienced six cabinet ministerial outings during his first 14 months and did not receive a confidence vote in the Cabinet on September 15, partly as a result of pressure from the majority party Fuerza Popular in Congress, contributing to political tension," the agency said.

Finally, Fitch warns that cabinet instability could aggravate the administrative delays that have slowed public and private investment, particularly in large PPP infrastructure projects, which affect growth expectations.

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