RIO DE JANEIRO, BRAZIL - Fitch Ratings, one the world's leading credit rating agency has confirmed Uruguay's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-', however with a Negative Outlook, despite the country faring much better than its neighbors.
The Negative Outlook reflects deterioration in growth and public finances that has been compounded by the coronavirus shock, and risks to government plans to arrest these trends. Deft management of the pandemic has underscored Uruguay's institutional strengths and helped its economy fare better than it neighbors.
But Uruguay has faced sluggish growth and a recession that predates . . .