December 17, 2021
Fitch Ratings said it has revised its outlook on Uruguay to stable from negative and also affirmed the country's long-term credit ratings at BBB-.
"The revision... reflects [Uruguay's] fiscal resilience through the pandemic and ongoing improvement in the structural fiscal position," Fitch said in report on Wednesday.
Uruguay's fiscal position has benefitted from higher-than-expected tax revenues and lower borrowing costs, slowing the "upward path" of debt to GDP, Fitch said.
The BBB- ratings, me
Rating agency cites the South American country's "fiscal resilience" during the COVID-19, thanks to higher tax revenues and lower borrowing costs