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Economy & Business - June 2004

PERU: Economy re-rated

The weakness and unpopularity of the administration headed by President Alejandro Toledo is barely affecting the economy. Indeed Standard & Poor's, a credit rating agency, lifted the country's sovereign rating on 8 June to BB, only two notches below investment-grade. The rating agency and the IMF, which agreed a new loan in mid-June, are both impressed by the steady growth (4.5% in the each of the past two years) and low inflation. On top of this exports in May were a record US$932m.

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