This report supplements our research update "Republic of Peru Long-Term 'BBB+' Foreign Currency Rating Affirmed; Outlook Remains Stable," published on Aug. 26, 2014. 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. Our long-term foreign and local currency ratings on the Republic of Peru reflect its lower vulnerability to external shocks and enhanced capacity for stable long-term GDP growth. Specifically, Peru's high investment rate (more than 27% of GDP) should keep the sovereign's per capita GDP growth above 4% per year throughout the next two to three years, significantly higher than the
