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.

Excel Table: Credit Rating Track Record 

Agency  Long Term Foreign Currency   Long Term Local Currency   Outlook   Last Rating Update 
R&I  BBB+ - Stable October 2022
Fitch Ratings  BBB- BBB- Stable June 2022
S&P BBB+ BBB+ Stable April 2023
DBRS BBB  BBB  Stable November 2022
Moody´s Baa2 Baa2 Positive May 2023

Source: Credit Rating Agencies


Rating Agencies Credit Analysis and Press Releases


Standard and Poors


Fitch Ratings

DBRS Morningstar

Rating and Investment


Sovereign Debt Management Unit

Ministry of Economy and Finance of Uruguay
Colonia 1089 3rd Floor CP 11100 Montevideo -

Última Actualización: 01/06/2023