Moody´s Investors Service announced today that it raised the credit rating of the Uruguayan sovereign debt to "Baa2" and assigned a stable outlook.

This is the first time that one of the three main rating agencies upgrades Uruguay´s debt one notch above the lowest level of Investment Grade. Thus, Uruguay consolidates the credit improvement achieved in recent years, especially after recovering the Investment Grade in April 2012.

The "Baa2" rating places the Uruguayan economy in the same place as Peru and Brazil, according to this same rating agency`s criteria, and above Colombia´s rating of "Baa3".

According to Moody's, the pillars that underpinned this new improvement are: the strengthening of the Government's credit profile; the continuation of the economic growth based on high investment levels and productivity gains; a lower exposure to regional risk; and a higher diversification in export base. In the current context of uncertainty and risks in the capital markets, Moody´s considers that the Uruguayan economy looks less vulnerable to regional shocks and negative events related to commodity prices.

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