S&P ups Guatemala foreign currency rating to BB

S&P said it raised its long-term foreign currency sovereign credit rating on Guatemala to BB from BB-.

S&P also affirmed the BB long-term local currency sovereign credit rating and the B short-term sovereign credit ratings.

The outlook on the long-term ratings is stable. In addition, S&P revised the transfer and convertibility assessment to BBB- from BB+.

“Cautious fiscal and monetary policies have stabilized Guatemala's economy and should support continued GDP growth,” S&P said in a news release. “Further steps to address high social needs would be key to substantially reduce the country's high poverty level.”

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