This report supplements our research update "Republic of Peru Foreign Currency Ratings Affirmed At 'BBB+/A-2'; Outlook Remains Stable," published on Aug. 10, 2016, on RatingsDirect. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on the Republic of Peru reflect its track record of pragmatic and predictable policies and steps to strengthen economic institutions. Debate through this year's presidential electoral cycle generally centered on pragmatic policies to raise Peru's growth prospects. The new Administration's commitment to more investment in the country's physical infrastructure, to cautiously expand fiscal policy, and to
