{"id":1606,"date":"2012-04-25T11:34:39","date_gmt":"2012-04-25T15:34:39","guid":{"rendered":"https:\/\/www.datamyne.com\/blog\/?p=1606"},"modified":"2022-05-04T13:01:58","modified_gmt":"2022-05-04T17:01:58","slug":"uruguays-rising-star","status":"publish","type":"post","link":"https:\/\/www.datamyne.com\/knowledge-center\/markets\/uruguays-rising-star\/","title":{"rendered":"Uruguay\u2019s Rising Star"},"content":{"rendered":"<p><strong>S&amp;P restores Uruguay to investment grade, while Fitch boosts outlook to positive<\/strong><\/p>\n<p>After raising its sovereign credit rating on Uruguay to BBB-\/A-3 from BB+\/B1 on April 3, S&amp;P followed up with the same\u00a0 boost to Citibank Uruguay\u2019s\u00a0global scale counterparty credit rating, and an affirmation of the national scale counterparty credit rating at uyAAA on April 11. S&amp;P pronounced the outlooks for all three as stable.<\/p>\n<p>The ratings upgrades return Uruguay to investment grade, a status it held from 1997 until the financial crisis of 2002.<\/p>\n<p>The rationale, according to this ratings <a href=\"https:\/\/www.reuters.com\/article\/2012\/04\/11\/idUSWNA471820120411\">announcement<\/a>, is Uruguay\u2019s \u201csound economic growth prospects and improving external and fiscal indicators, as foreign direct investment has strengthened and improved its economic diversification.\u201d<\/p>\n<p>S&amp;P approves the country\u2019s \u201cprudent economic policies\u201d while slipping in a mild reproof that Uruguay has managed rapid growth (6% between 2006 and 2011) \u201cwithout significantly improving its trade policies.\u201d<\/p>\n<p>Now Fitch Ratings has <a href=\"https:\/\/en.mercopress.com\/2012\/04\/25\/fitch-upgrades-rating-outlook-to-positive-warnings-about-argentina-and-inflation\">followed suit<\/a>, revising its outlook rating for Uruguay from stable to positive. Fitch warns on risk from inflation and economic policies \u2013 although the policies in question are not Uruguay\u2019s but Argentina\u2019s.<\/p>\n<p>Indeed, Argentina\u2019s protectionist policies are causing concern among all its trading partners. \u00a0But as a neighbor and fellow member of the Mercosur bloc, Uruguay is especially reliant on the Argentine market \u2013 though not so much now as in the past, as the charts below show.<\/p>\n<p>Still, Uruguay is feeling the pain as Argentina\u2019s import restrictions cut its exports to that market by half (see the graph below).<\/p>\n<p style=\"text-align: center\"><a href=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2012\/04\/Uruguay-Export-Markets-2007.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1607\" title=\"Uruguay Export Markets 2007\" src=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2012\/04\/Uruguay-Export-Markets-2007.jpg\" alt=\"\" width=\"527\" height=\"316\" \/><\/a><\/p>\n<p style=\"text-align: center\"><a href=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2012\/04\/Uruguay-Export-Markets-2011.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1608\" title=\"Uruguay Export Markets 2011\" src=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2012\/04\/Uruguay-Export-Markets-2011.jpg\" alt=\"\" width=\"454\" height=\"283\" \/><\/a><\/p>\n<p style=\"text-align: center\"><a href=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2012\/04\/Uruguays-Exports-to-Argentina.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1609\" title=\"Uruguay's Exports to Argentina\" src=\"https:\/\/www.datamyne.com\/wp-content\/blogs.dir\/1\/files\/2012\/04\/Uruguays-Exports-to-Argentina.jpg\" alt=\"\" width=\"454\" height=\"238\" \/><\/a><\/p>\n<p>To learn more about how Datamyne can help you monitor trade in Uruguay, Argentina, as well as other Latin American markets, <a href=\"https:\/\/www.datamyne.com\/contact-us\/\">contact us<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S&amp;P restores Uruguay to investment grade, while Fitch boosts outlook to positive After raising its sovereign credit rating on Uruguay to BBB-\/A-3 from BB+\/B1 on April 3, S&amp;P followed up with the same\u00a0 boost to Citibank Uruguay\u2019s\u00a0global scale counterparty credit rating, and an affirmation of the national scale counterparty credit rating at uyAAA on April [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[101,852,894,1644],"class_list":["post-1606","post","type-post","status-publish","format-standard","hentry","category-markets","tag-argentina","tag-import-restrictions","tag-investment-grade","tag-uruguay"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Uruguay&#039;s Rising Star<\/title>\n<meta name=\"description\" content=\"S&amp;P has restored Uruguay to investment grade. 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