Fitch ups Uruguay outlook to positive

Fitch Ratings said it revised the outlook for Uruguay's ratings to positive from stable.

In addition, Fitch said it affirmed Uruguay's foreign currency issuer default rating at BB- and its local currency issuer default rating at BB.

Fitch said it also affirmed Uruguay's country ceiling at BB+ and the short-term issuer default rating at B.

The positive outlook reflects Uruguay's strengthening macroeconomic policy framework, as well its greater resilience as evidenced by its response to and the impact of the global financial crisis and a steady improvement in its fiscal and external solvency ratios in recent years, the agency noted.

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