Fitch is the third rating agency (after Standard & Poor´s and Moody´s) to upgrade Uruguayan credit rating. Uruguay is now qualified as stable (BBB-or investment grade). Uruguay’s social and political stability, strong institutions and relatively high per capita income are characteristics that are fully in line with investment- grade sovereigns. Policy continuity is likely after the 2014 presidential elections. Uruguay’s five-year average GDP growth at 5.6% is well above the ‘BBB’ median and its medium-term prospects remain favorable. Fitch forecasts a 4% average GDP growth for Uruguay in 2013 and 2014. Uruguay’s market-friendly policies have facilitated a strong flow of foreign direct investment, allowing for better financing of current account deficits and a steady diversification of the economy.