We expect the appointment of Francisco Sagasti as interim president of Peru to stabilize the political landscape until the April 2021 election. Fiscal and debt metrics are set to deteriorate amid a sharp economic contraction this year, although strong macroeconomic fundamentals and recovery starting in 2021 should support Peru's creditworthiness. We are therefore affirming our 'BBB+/A-2' foreign currency sovereign credit ratings on Peru. The stable outlook reflects our view that despite recent political turmoil, Peru's strong macroeconomic framework remains in place and will mitigate macroeconomic risks stemming from the COVID-19 pandemic and ongoing political uncertainty. On Nov. 23, 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
