Living in Peru : your everyday companion

Living in Peru
Israel J. Ruiz

Fitch Ratings is the first major credit rating agency to raise Peru to investment grade.

The Andean nation's proud government received the news on Wednesday.

Since then Alan Garcia and his cabinet have held meetings to analyze the benefits of having a BBB- investment-grade level and how this will help Peru's economy.

Garcia assured that the new investment grade would attract cheaper capital that would pave the way for more employment and better salaries, which would benefit the country. Furthermore, the president assured that Peru had caught up with Chile.

He affirmed that the country had achieved this grade because of sound fiscal policies as well as social and economic stability, stating that he received this achievement humbly and serenely.

Garcia explained that this had been one of the goals he had set during his speech on July 28, Peru's Independence Day.

This upgrade creates the conditions for more foreign companies to invest in Peru, said Prime Minster Jorge del Castillo.

He explained that the rise in grade was a consequence of policies the government had set since the beginning of Garcia's administration.