Fitch lifts three Peru financial firms

Fitch Ratings said it upgraded to BBB+ from BBB the support-driven foreign-currency long-term issuer default ratings of Cofide, Fondo Mivivienda and Banco de la Nacion (Peru).

The outlook is stable.

The ratings reflect the potential support from the Republic of Peru, whose ratings were recently upgraded to BBB+ and A-, Fitch said.

Cofide, Fondo Mivivienda and Banco de la Nacion are integral and key parts of the government, allowing it to perform basic financial functions and carry out economic policy in specific sectors, the agency said.

Hence, support from the government should be forthcoming, if needed, which underpins the fact that these entities' ratings are aligned to the sovereign's ratings, Fitch said.

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