Fitch upgrades Uruguay

Fitch Ratings said it upgraded Uruguay's long-term foreign-currency and local-currency issuer default rating to BBB from BBB-.

“The upgrade reflects Uruguay's resilient fiscal performance in absorbing the Covid-19 pandemic shock coupled with its record of compliance with its modified fiscal framework, which has enhanced its fiscal credibility, increased resilience to economic shocks and reduced the risk of a potential marked future increase in the government debt burden. The recent approval of a reform that improves the sustainability of the pension system further signals the commitment to fiscal policy that is more prudent and consistent with its high governance scores,” Fitch said in a press release.

The outlook is stable.

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