We expect subpar economic growth for Peru in 2022-2023 as political stalemate limits investment plans and capacity to solve social conflicts, while bottlenecks bridle the execution of public spending. However, Peru's limited fiscal and external imbalances and still-low government debt burden continue to support creditworthiness. We therefore affirmed our 'BBB/A-2' foreign currency sovereign credit ratings on Peru. The stable outlook incorporates our expectation of continued limited fiscal deficits that maintain the net general government debt burden below 30% of GDP over the next two to three years. On Oct. 25, 2022, S&P Global Ratings affirmed its 'BBB' long-term foreign currency and 'BBB+' long-term local currency sovereign credit ratings on Peru. The outlook on both ratings remains stable. We also affirmed
