On Nov. 20, 2006, Standard&Poor's Ratings Services raised its long-term foreign currency sovereign credit rating on the Republic of Peru to 'BB+' from 'BB' and its long-term local currency sovereign credit rating to 'BBB-' from 'BB+'. Standard&Poor's also raised its short-term local currency sovereign credit rating to 'A-3' from 'B', and affirmed its 'B' short-term foreign currency sovereign credit rating on the republic. The outlook on the ratings was revised to stable from positive. Standard&Poor's also raised its assessment of the risk of transfer and convertibility to 'BBB' from 'BBB-'. The rating action was based upon comprehensive improvement in the country's economic indicators, and favorable medium-term prospects in the context of a more stabilized
