S&P boosts Uruguay

Standard & Poor's said it raised its long-term foreign and local currency sovereign credit ratings on the Republic of Uruguay to B+ from B.

The outlook is stable.

S&P said it also raised its assessment of the risk of transfer and convertibility to BB+ from BB.

The agency added that the upgrade reflects the continuing decline in the level of general government debt and the strengthening of its maturity profile in addition to consolidation of Uruguay's stronger macroeconomic framework.

The combination of a strong economic recovery, appreciation of the Uruguayan peso and an improved fiscal position has underpinned the decline in debt, S&P noted.

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