The world’s largest credit rating agencies are resisting efforts by a US hedge fund to embroil them in a $1.6bn dispute over Peru’s long-defaulted cold war-era debt.

Moody’s, Fitch and S&P have all turned down an offer from Gramercy, a Connecticut-based fund, to pay for ratings on some long-defaulted Peruvian bonds, leading the hedge fund to accuse them of protecting their commercial relationship with the country’s government…

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