August 19, 2008 / 6:56 PM / 11 years ago

Moody's raises Peru credit rating to "Ba1"

NEW YORK, Aug 19 (Reuters) - Moody’s Investors Service said on Tuesday it upgraded Peru’s sovereign credit rating to “Ba1” from “Ba2”, just one notch below investment grade, on significant and sustained reductions in foreign currency- related credit vulnerabilities.

“The upgrade was prompted by steady improvement in Peru’s sovereign credit profile, driven by a continued and accelerated strengthening in the balance sheet of the government and the local banks,” said Moody’s Vice President-Senior Credit Officer Mauro Leos in a statement.

“Dollarization of both government debt and bank deposits continues to trend downwards,” he said.

The foreign-currency country ceiling for bonds and notes was also upgraded to “Baa3” from “Ba1”, and the country ceiling for foreign-currency bank deposits was raised to “Ba2” from “Ba3”. Also, the short-term foreign-currency bond ceiling was raised to Prime-3 (P-3) from Not Prime (NP).

All ratings have a stable outlook. (Reporting by Manuela Badawy; Editing by Jan Paschal)

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