We expect that broad fiscal and monetary policy continuity under Peruvian President Ollanta Humala's new government will support stronger economic policy flexibility and growth. As a result, we are raising our long-term foreign currency rating on Peru to 'BBB' from 'BBB-'. The stable outlook balances Peru's ongoing success in attracting gas and mining investment with the country's political and external vulnerabilities. On Aug. 30, 2011, Standard&Poor's Ratings Services raised its long-term foreign currency sovereign credit rating on the Republic of Peru to 'BBB' from 'BBB-'. (Watch the related CreditMatters TV segment titled, "S&P Raises Peru?s Long-Term Currency Sovereign Credit Rating To ?BBB? On Strong Fiscal And Debt Positions," dated Aug. 31, 2011.) At the same time, we affirmed
