...March 21, 2022 - On March 18, 2022, S&P Global Ratings lowered its long-term sovereign ratings on Peru--foreign currency to '###' from '###+' and local currency to '###+' from 'A-'. The downgrade reflects the impact of shifting political environment on growth and sovereign debt composition. - The outlook on the sovereign is now stable, incorporating expectations of maintenance of prudent fiscal management, monetary flexibility, and external position amid favorable conditions for global metals exporters such as Peru. - After this action, we're downgrading seven banks operating in the country, reflecting the sovereign credit quality influence on ratings on these banks and the weakening in Peru's capacity to provide support to the entities. The outlook on these banks is now stable, reflecting the one on the sovereign. - At the same time, we're affirming the ratings on two holding companies, the bulk of operations of which are in Peru. The outlook on both entities remains negative, reflecting...
