We expect the Peruvian economy to contract and its fiscal metrics to deteriorate in 2020 amid the COVID-19 pandemic, before recovery begins in 2021. However, strong macroeconomic fundamentals and ongoing policy stimulus should mitigate the shock to the economy and support Peru's creditworthiness. We are therefore affirming our 'BBB+/A-2' foreign currency ratings on Peru. The stable outlook reflects our view that Peru's low government debt, availability of liquid assets, and good access to different funding sources will mitigate downside macroeconomic risks stemming from the COVID-19 pandemic. On May 4, 2020, S&P Global Ratings affirmed its 'BBB+' long-term foreign currency and 'A-' long-term local currency sovereign credit ratings on Peru. The outlook on both ratings remains stable. We also affirmed our
