Moody's upgrades City of Lima

Moody's Investors Service said it upgraded the City of Lima's issuer rating to Baa3 from Ba1. The outlook remains positive.

The upgrade reflects the advances that Lima has made improving its own credit profile and the sustained record of positive trends in Peru's operating environment, Moody's said.

This rating action follows the recent upgrade of the Government of Peru's foreign and local currency long-term bond ratings to Baa2, positive outlook, from Baa3, positive outlook.

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