Credit Ratings

Uruguay Credit Ratings

Credit ratings are assigned to sovereigns and businesses by international credit rating agencies. A credit rating measures the relative risk that an entity (Government or company) will fail to meet its financial commitments, such as interest payments and repayment of principal, on a timely basis.

These relative risks are mapped into discrete rating notches that are expressed in terms of alphabetic identifiers. For example, from the most creditworthy to the least, Fitch and S&P use AAA, AA, A, BBB for investment grade long-term credit risk, and BB, B, CCC, CC, C, and D for non-investment grade long-term credit risk. The long-term foreign-currency rating is the most commonly used by investors and analysts. In the following table users can find the updated credit rating for long-term Uruguayan bonds.


Agency  Long Term Foreign Currency   Long Term Local Currency   Outlook   Last Rating Update 
DBRS  BBB (low) BBB (low)   Stable   January 2020
 Fitch Ratings  BBB- BBB-   Negative   February 2020
Moody´s Baa2 Baa2   Stable August 2019
R&I BBB -   Positive February 2020
S&P BBB A-2   Stable  April 2020

Source: Credit Rating Agencies

Credit Rating Track Record (.xls 108KB)


Rating agencies reports


Standard and Poors


Fitch Ratings


Rating and Investment


Debt Management Unit

Ministerio de Economía y Finanzas
Colonia 1089 Tercer Piso CP 11100 Montevideo -

Última Actualización: 03/08/2020