Standard&Poor's has published its methodology to link short-term and long-term ratings for corporate and sovereign issuers. Based on the application of our criteria, we are raising our short-term foreign currency rating on Peru to 'A-2' from 'A-3'. The change does not reflect an improvement in our view of the country's short-term creditworthiness. We are affirming our other ratings on Peru; the outlook remains stable, reflecting our expectation that the government will adhere to prudent macroeconomic policies that will continue to underpin the country's high growth prospects. On July 9, 2012, Standard&Poor's Ratings Services raised its short-term foreign currency sovereign credit rating on the Republic of Peru to 'A-2' from 'A-3'. We also affirmed our 'BBB' long-term
