On Oct. 6, 2004, Standard&Poor's Ratings Services assigned its 'BB' foreign currency rating to the Republic of Peru's €650 million senior unsecured bond issue, which is due in 2014. At the same time, Standard&Poor's affirmed its 'BB+' long-term local currency and 'BB' long-term foreign currency sovereign credit ratings on Peru as well as its 'B' short-term ratings. The outlook on Peru is stable. With the government financing needs from international capital markets for 2004 already completed early this year, the €650 million issued today (equivalent to about US$800 million) completes most of the financing required from international capital markets for 2005. (The government's program incorporated a total estimate of US$1 billion.) Nonetheless, additional bond issuance in
