This report supplements our research update "Peru Foreign Currency Ratings Affirmed At 'BBB+/A-2'; Outlook Remains Stable," published on Aug. 28, 2015. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The sovereign ratings on the Republic of Peru consider our revised assessment of its trend growth prospects and monetary policy flexibility. Standard&Poor's Ratings Services expects growth to average 3.6% per year from 2015-2018, or 2.8% in per capita terms. We no longer expect Peru's growth trajectory to be consistently well above that of its peers with a similar level of