The 3 main credit rating agencies had meetings with various local economic agents and assessed Uruguay over the last 2 months. Standard & Poor’s raised the rating to BBB and Moody’s upgraded the outlook to positive from neutral. Fitch upgraded Uruguay’s debt rating to BBB.
This is the more striking with a neighbor such as Argentina with an inflation over 100% which obviously affects Uruguayan economy negatively. And a direct negative impact on the current economic situation is also felt by the drought and the significant decrease of exports volume´s of soybeans. All three agencies show confidence in the country’s economic policies and see an encouraging outlook