Moody’s drops Bolivia

Moody's Investors Service said it downgraded Bolivia's local and foreign currency issuer and senior unsecured debt ratings to B1 from Ba3, and changed the outlook to negative, concluding the review for downgrade that was initiated on Dec. 5.

“The decision to downgrade Bolivia's ratings reflects the material erosion of the country's fiscal and foreign exchange reserve buffers in recent years,” the agency said in a news release.

“Ongoing challenges in the country's hydrocarbon sector, due to both domestic and external factors, have also reduced prospects for economic growth, government revenue generation and foreign exchange earnings.”

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