May 27th, 2016. DBRS, Inc. has confirmed the Oriental Republic of Uruguay's long-term foreign and local currency issuer ratings at BBB (low). DBRS has also confirmed the short-term foreign and local currency issuer ratings at R-2 (middle). The trend on all ratings is Stable.

According to DBRS Uruguay's credit fundamentals are supported by highly effective debt management, strong public institutions, and ample external buffers. Counterbalancing these strengths are limited fiscal flexibility, persistently above target inflation, and exposure to external developments. The Stable trends reflect DBRS’s view that risks to the outlook are broadly balanced.

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