Fitch rates Peru bonds BBB

Fitch Ratings said it rated Peru's $2.25 billion of 3% notes maturing 2034 and its $1 billion of 3.6% notes maturing 2072 BBB. These are Peru's first sustainable bonds.

“The bond ratings are in line with Peru's long-term foreign-currency IDR of BBB, which Fitch downgraded with a stable outlook on Oct. 15, 2021,” the agency said in a press release.

Proceeds will be used to fund 2021 budget expenditures and pre-finance 2022 budget expenditures that may qualify as "eligible green and social categories."

Peru also reopened its 3.55% notes due 2051 for an additional $750 million. Proceeds of the reopening will be used for the government's general 2021 budgetary purposes and to pre-finance the government's 2022 budget.

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