Specifically, Moody’s bumped Peru’s foreign debt rating to Baaa3, the lowest investment-grade level, from Ba1.
In a statement, Moody’s analyst Maura Leos said, “Authorities’ ability to steer the economy in the face of adverse external shocks and to avoid a ‘hard landing’ that could have proven disruptive, confirmed the Peruvian government’s ability to implement counter-cyclical policies at a critical juncture.”
This year, the sol has gained 9.1 percent against the dollar, while the Lima General Index of stocks has surged 102 percent.
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