S&P rates Peru bond reopening BB

Standard & Poor's said it 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) $400 million global bond due in 2033.

This a reopening of the existing $500 million global bond issued by Peru in November 2003. The recent issue completes the government's planned external issuance for 2005.

S&P said 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 problems in the political environment. The outlook on the sovereign ratings is stable.

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