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Economy & Business - October 2024

PERU: Overhaul of congress well received by Moody’s

The credit ratings agency Moody’s announced on 20 September that it had raised its outlook for Peru from negative to stable, although it maintained the country’s credit rating at Baa1 for both foreign and local currency debt, signifying “moderate credit risk”. Moody’s highlighted a constitutional reform passed in March which will see the country return to a bicameral legislative system in the 2026 general elections. Moody’s argued that the return of a senate will help restore balance between the executive and legislative branches of government, reducing political instability after three presidents were forced from office by congress between 2018 and 2022. This, Moody’s said, may facilitate a more constructive relationship and enable the country to address some of its economic problems.

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