On Jan. 31, 2005, Standard&Poor's Ratings Services assigned its 'BB' long-term foreign currency debt rating to the Republic of Peru's (BB/Stable/B foreign currency ratings; BB+/Stable/B local currency ratings) US$400 million global bond issued Jan. 27, 2005, and due in 2033. This a reopening of the existing US$500 million global bond issued by Peru in November 2003. The recent issue completes the government's planned external issuance for 2005. The ratings on Peru take into account the recent strengthening of the country's economic fundamentals and the expectation that prudent macroeconomic policies will be sustained in the future, despite ongoing problems in the political environment. The outlook on the sovereign ratings is stable. The continuation of Peru's current fiscal consolidation strategy
