On July 11, 2005, Standard&Poor's Ratings Services revised its outlook on its ratings on the Republic of Peru to positive from stable. At the same time, Standard&Poor's affirmed its 'BB' long-term foreign currency, 'BB+' long-term local currency, and 'B' short-term sovereign credit ratings on the republic. Standard&Poor's also said that it assigned its 'BB+' local currency rating to the Peruvian Nuevos soles (PNS) 1.5 billion bonds (US$460 million) due in 2017 issued by Peru on July 7, 2005, as part of its overall strategy to exchange external debt held with the Paris Club. The change in outlook reflects growing prospects that the improvement in Peru's economic and fiscal profile in recent years will continue
