The ratings on the Republic of Peru are supported by the country's commitment to economic stability and its positive investment climate. Although the government is expected to run fiscal deficits of 1%-2% of GDP over the next three years, net general government debt likely will remain close to 20% of GDP, well below the 'BBB' median. We expect external indicators to remain robust over the next three years. We are affirming our ratings on Peru. The outlook remains stable, reflecting solid economic growth prospects and negligible external financing needs. On Aug. 11, 2009, Standard&Poor's Ratings Services affirmed its 'BBB-' long-term foreign currency and 'BBB+' long-term local currency ratings on the Republic of Peru. We also affirmed our 'A-3'
