S&P boosts Peru

Standard & Poor's said it raised its long-term foreign currency sovereign credit rating on the Republic of Peru to BB+ from BB and its long-term local currency sovereign credit rating to BBB- from BB+.

S&P said it also raised its short-term local currency sovereign credit rating to A-3 from B and affirmed its B short-term foreign currency sovereign credit rating on the republic.

The outlook on the ratings was revised to stable from positive.

S&P said it also raised its assessment of the risk of transfer and convertibility to BBB from BBB-.

The rating action was based upon comprehensive improvement in the country's economic indicators and favorable medium-term prospects in the context of a more stabilized political and social situation, the agency noted.

By the end of 2006, Peru will have accumulated five years of economic growth averaging 5.5%, the agency added.

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