Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Uruguay Outlook Revised to Positive From Stable by Fitch

April 24 (Bloomberg) -- Uruguay’s foreign and local currency issuer default ratings outlook was revised to positive from stable by Fitch Ratings, citing a drop in foreign currency debt as a percentage of total borrowing and record reserves.

“The outlook revision reflects Uruguay’s continued reduction in external and fiscal vulnerabilities underpinned by its strengthening international liquidity position and improved currency composition of government debt,” Fitch said in a report today from New York.

Government debt issued in foreign currency fell to 51 percent of total debt last year from 66 percent in 2010, Fitch said. The government has also improved its foreign exchange exposure by accumulating reserves, which climbed 30 percent last year to a historical high of $10.3 billion, the ratings company said.

Fitch affirmed Uruguay’s foreign currency issuer rating at BB+, its highest non-investment grade.

To contact the reporters on this story: Greg Chang in San Francisco at gchang1@bloomberg.net; Drew Benson in New York at abenson9@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.