Government debt ratios for the Republic of Peru have improved, as have external economic indicators. We're affirming our 'BBB-' long-term foreign-currency and 'BBB+' long-term local-currency sovereign credit ratings. We're revising the outlook on the foreign-currency rating to positive from stable. The outlook on the long-term local-currency ratings remains stable. On Aug. 23, 2010, Standard&Poor's Ratings Services revised its outlook on our foreign-currency rating on The Republic of Peru to positive from stable. At the same time, we affirmed the 'BBB-' long-term foreign-currency and 'BBB+' long-term local-currency sovereign credit ratings. The outlook on the long-term local-currency ratings remains stable. Our positive outlook on the foreign-currency ratings on Peru reflects the steady improvement in the country's external indicators and the
