Fitch rates Peru bond BBB-

Fitch Ratings said it assigned the Republic of Peru's $1 billion global bonds due 2050 a BBB- rating. The ratings are in line with Peru's long-term foreign-currency issuer default rating of BBB-.

The outlook is positive.

The proceeds will be used to pre-finance a portion of the general financing requirements for 2011, Fitch said.

Even with a nominal increase in public indebtedness this year, Peru's public debt ratios will continue to decline and compare favorably to most BBB- rated sovereigns, reflecting vigorous economic growth, currency strength and fiscal consolidation, the agency said.

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