Spanish in array not displaying correctly on page

[eluser]RJ[/eluser]
Hello,

Below is the Spanish array I am using, attached to the post is a screen shot of the result. Page is UTF-8, Spanish characters display properly in the text, just not when passed through this array. Any thoughts how to fix?

Code:

$list = array(
                    'AU'=>'Australia',
                    'BR'=>'Brasil',
                    'DE'=>'Alemania',
                    'FR'=>'Francia',
                    'MX'=>'Méjico',
                    'NL'=>'Países Bajos',
                    'UK'=>'Reino Unido',
                    'US'=>'Estados Unidos de América');