NEW YORK (Standard&Poor's) Jan. 31, 2005--Standard&Poor's Ratings Services said today that it assigned its 'BB' long-term foreign currency debt rating to the Republic of Peru's (BB/Stable/B foreign currency; BB+/Stable/B local currency sovereign credit ratings) US$400 million global bond issued on Jan. 27, 2005, and due in 2033. This is a reopening of the existing US$500 million global bond issued by Peru in November 2003. The recent issue completes the government's planned external issuance for 2005. According to Standard&Poor's Ratings Services credit analyst Sebastian Briozzo, the ratings on Peru take into account the recent strengthening of the country's economic fundamentals and the expectation that prudent macroeconomic policies will be sustained despite ongoing political problems. The
