June 23th, 2016. Moody's affirmed the government of Uruguay's Baa2 issuer and government bond ratings and changed the outlook to negative from stable.

Two key drivers underpin the negative outlook:

1) The announced fiscal consolidation measures that seek a 1% of GDP deficit reduction, primarily through revenue increases, will be challenged by macroeconomic weakness.
2) Downside risks stemming from larger-than-expected regional spillovers and structural expenditure rigidities remain.

Press Release