Credit Ratings

Credit Ratings

Sovereign Debt Credit Ratings

 

This section shows the credit rating on Domestic and Foreign Currency for Peru and the main Latin American countries according to the assessment made by five credit rating agencies.

 

 

CREDIT RATING FOR THE MAIN LATIN AMERICAN COUNTRIES

(Updated on October 29, 2018)

 

 

Long Term Debt in Foreign Currency

 

  Moody's S&P Fitch DBRS NICE
ARGENTINA B2 B+ B B B
BOLIVIA Ba3 BB- BB- - -
BRAZIL Ba2 BB- BB- BB(L) BB
CHILE A1 A+ A Disc. -
COLOMBIA Baa2 BBB- BBB BBB -
COSTA RICA Ba2 BB- BB - -
ECUADOR B3 B- B- - -
EL SALVADOR B3 CCC+ B- - -
MEXICO A3 BBB+ BBB+ BBB(H) BBB+
PANAMA Baa2 BBB BBB - -
PARAGUAY Ba1 BB BB - -
PERU A3 BBB+ BBB+ Disc. BBB+
URUGUAY Baa2 BBB BBB- BBB(L) -
VENEZUELA C SD RD - -

 

 

Long Term Debt in Local Currency

 

  Moody's S&P Fitch DBRS NICE
ARGENTINA B2 B+ B B(H) B+
BOLIVIA Ba3 BB- BB- - -
BRAZIL Ba2 BB- BB- BB(L) BB+
CHILE A1 AA- A+ Disc. -
COLOMBIA Baa2 BBB BBB BBB -
COSTA RICA Ba2 BB- BB - -
ECUADOR - B- B- - -
EL SALVADOR - CCC+ B- - -
MEXICO A3 A- BBB+ BBB(H) A-
PANAMA - BBB BBB - -
PARAGUAY Ba1 BB BB - -
PERU A3 A- A- Disc. A-
URUGUAY Baa2 BBB BBB- BBB(L) -
VENEZUELA C CCC- CC - -

 

 

Outlook

 

  Moody's S&P Fitch DBRS NICE
ARGENTINA Stable Watch Neg. Stable Stable Stable
BOLIVIA Stable Stable Stable - -
BRAZIL Stable Stable Stable Stable Negative
CHILE Stable Stable Stable - -
COLOMBIA Negative Stable Stable Stable -
COSTA RICA On Watch: Possible downgrade Negative Negative - -
ECUADOR Stable Stable Stable - -
EL SALVADOR Stable Positive Stable - -
MEXICO Stable Stable Stable Stable Stable
PANAMA Positive Positive Stable - -
PARAGUAY Stable Stable Positive - -
PERU Stable Stable Stable - Stable
URUGUAY Stable Stable Negative Stable -
VENEZUELA (*) Stable - - - -

(*) S&P has placed the outlook of Venezuela's debt in domestic currency on "Negative". The "SD" rating on foreign currency debt does not carry an outlook.

 

 

Credit Rating Scales

 

CATEGORY COMMENTS MOODY'S S&P FITCH DBRS NICE OUTLOOK
Investment grade Extremely strong capacity to meet its financial commitments. The highest rating possible. Aaa AAA AAA AAA AAA

A (+/H) or (-/L) sign with a rating is intended to present the ranges possible within a greater category and represents the upper and lower bounds of them.

 

A stable outlook represents no imminent changes in the ratings issued.

 

A negative outlook represents a likely downgrade in the near term in the rating.

 

A positive outlook means that a rating may be raised.

Very strong capacity to meet its financial commitments. Aa1 AA+ AA+ AA(H) AA+
Aa2 AA AA AA AA
Aa3 AA- AA- AA(L) AA-
Strong capacity to meet its financial commitments but is more susceptible to changes in circumstances and economic conditions. A1 A+ A+ A(H) A+
A2 A A A A
A3 A- A- A(L) A-
Adequate capacity to meet its financial commitments, but adverse economic conditions are more likely to result in a weakened capacity to meet its obligations. Baa1 BBB+ BBB+ BBB(H) BBB+
Baa2 BBB BBB BBB BBB
Baa3 BBB- BBB- BBB(L) BBB-
Speculative grade It faces major ongoing uncertainties and exposure to adverse conditions. Ba1 BB+ BB+ BB(H) BB+
Ba2 BB BB BB BB
Ba3 BB- BB- BB(L) BB-
More vulnerable than BB rates, has the capacity to meet its financial commitments but adverse conditions will likely impair its capacity. B1 B+ B+ B(H) B+
B2 B B B B
B3 B- B- B(L) B-
Currently vulnerable to adverse conditions and is dependent of favorable conditions to meet its financial commitments. Caa1 CCC+ CCC CCC CCC+
Caa2 CCC CCC
Caa3 CCC- CCC-
Currently highly vulnerable to adverse conditions. A default is expected. Ca CC CC CC CC
A default on one or more of its financial obligations is inevitable or imminent. Under regulatory supervision owing to its financial condition. R C C(H) C
C
C(L)
Restricted default. The issuer has not been able to meet a financial obligations but has not started a default process. Selective default. C SD/D RD D D
Currently in default on one or more of its financial obligations. Issuer cannot meet its obligations. D
Not rated.   NR