On Feb. 28, 2007, Standard&Poor's Ratings Services assigned its 'BB+' foreign currency credit rating to the Republic of Peru's (BB+/Stable/B foreign currency ratings; BBB-/Stable/A-3 local currency ratings) US$1.24 billion global bond due in 2037. Peruvian authorities also announced the reopening of the already-rated global 2016 and global 2033 bonds by an additional amount of US$855 million and US$95 million, respectively. These bonds are part of a new liability operation aimed at strengthening the Peruvian government's debt profile by taking advantage of both the good performance of the local economy and the high liquidity in international capital markets. This recent debt swap specifically reduced refinancing risk between 2011 and 2015, putting it more in line with the amortization profile
