On July 14, 2008, Standard&Poor's Ratings Services raised its foreign currency long-term credit rating on the Republic of Peru to 'BBB-' from 'BB+' and raised its local currency long-term credit rating on the republic to 'BBB+' from 'BBB-'. Standard&Poor's also raised its short-term foreign currency sovereign credit rating on Peru to 'A-3' from 'B' and its short-term local currency sovereign credit rating to 'A-2' from 'A-3'. The outlook on the long-term ratings is stable. In addition, Standard&Poor's raised its transfer and convertibility assessment for Peru to 'BBB+' from 'BBB'. Standard&Poor's withdrew its recovery rating of '3' on the republic; such ratings are only assigned to speculative-grade foreign currency ratings. (Listen to the
