Fitch affirms Aruba

Fitch Ratings said it affirmed Aruba's foreign- and local-currency issuer default ratings at BBB, short-term issuer default rating at F3 and country ceiling at A-.

The outlook is stable.

The affirmation and stable outlook balance the observed deterioration in fiscal accounts and government debt burden against the expected rebound in economic activity and fiscal consolidation during the forecast period, Fitch said.

Despite the scale of the economic shock of the last two years, the island has maintained macroeconomic stability thanks to the government's pro-active policy response, the agency said.

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