...OVERVIEW + Growth in Peru has slowed sharply, and we expect that during 2015-2018 it will average 3.7% per year. We no longer expect Peru's gains in per capita GDP to be meaningfully above that of its peers at a similar stage of development. + We also believe that policy measures and recent progress to reduce dollarization could afford the central bank more monetary and exchange rate flexibility in the context of changing global conditions. + We are affirming the long-term foreign and local currency ratings on Peru at '###+' and 'A-', respectively, and the short-term ratings at 'A-2'. + The stable outlook reflects our view that Peru remains well placed to conduct some countercyclical policy and can manage a widening of its current account deficit and some increase in external debt despite potential local and global market volatility ahead of the 2016 presidential elections and a more challenging global backdrop. RATING ACTION On Aug. 28, 2015, Standard & Poor's Ratings Services affirmed...