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Fitch affirms Peru citing macroeconomic, financial stability

Fitch Ratings on Sept. 29 affirmed Peru's sovereign ratings,noting that the country's strong macro policy continues to support financialand economic stability.

Fitch maintained the country's long-term foreign and local currencyissuer default ratings at BBB+ and A-, respectively, as well as the short-termforeign and local currency issuer default ratings at F2 and F1, respectively.The country ceiling remains at A-.

The outlook for the long-term ratings is at stable.

In affirming the ratings, Fitch noted that Peru's trackrecord of macro policy credibility, consistency and flexibility has deliveredmacroeconomic and financial stability. While the country faces severalconstraints — including high commodity dependence, a low government revenuebase and financial dollarization — they are offset by strong fiscal andexternal balance sheets, the rating agency said. Additionally,Fitch noted that the Peruvian central bank's exercise of greater exchange rateflexibility, aided by its de-dollarization initiative, support policycredibility.

Fitch expects the country's general government deficit tonarrow to 2.1% of GDP in 2018 from 2.8% of GDP in 2016. It also sees Peru'seconomic growth expanding to 3.7% in 2016 and 4.2% in 2017, driven by a rise incopper production, higher public investment and improving domestic confidence.