November 24, 2022 |
DBRS Morningstar has upgraded Uruguay to BBB from BBB (low) and changed its outlook to stable from positive, saying the country's fiscal consolidation efforts have improved its fiscal outlook despite global risks.
Uruguay's headline government deficit, excluding pension transfers, is on track to narrow to 3.1% of GDP this year from 4.3% in 2021 and 5.8% in 2022, before declining to 2.1% in 2026, DBRS said in a press release.
That should be "sufficient to stabilize government debt ratios," DBRS s
Rating agency raises the sovereign rating to BBB and changes the outlook to stable