Moody’s upgrades Nicaragua

Moody’s Investors Service said it upgraded Nicaragua’s foreign- and local-currency government’s issuer ratings to B2 from B3.

Moody’s also revised Nicaragua’s foreign-currency bond ceiling to B1 from B2, foreign-currency deposit ceiling to B3 from Caa1, local-currency bond ceiling to Ba3 from B2 and local-currency deposit ceiling to Ba3 from B2.

The short-term country ceilings for foreign-currency and local-currency bonds and deposits are unchanged at not-prime.

The outlook remains stable.

The ratings are driven by an expectation for gradual, but continuing, positive changes in Nicaragua’s economy, Moody’s said.

The ratings also reflect the impact on its balance of payments and fiscal accounts, which are now more manageable, the agency said.

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