S&P revises Guatemala view to positive

S&P said it revised its outlook on its BB long-term foreign-currency and local-currency sovereign credit ratings on Guatemala to positive from stable and affirmed these ratings.

“Despite increased political uncertainty last year, we expect Guatemala's economy to continue growing moderately, at about 3.5% annually, in line with its medium-term historical growth. Extraordinarily high remittance inflows over the past few years have helped boost domestic consumption and economic growth. Remittances accounted for an impressive 20% of GDP in 2023, up sharply from 10% of GDP a decade ago,” S&P said in a press release.

The improved outlook for the country means an upgrade is possible over the next six to 12 months, the agency said.

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