Fitch ups Uruguay view to positive

Fitch Ratings said it has revised the outlooks on the Oriental Republic of Uruguay's sovereign ratings to positive from stable.

The long-term foreign currency issuer default rating (IDR) is affirmed at B+, and the long-term local currency IDR is affirmed at BB-. The short-term IDR is affirmed at B and the country ceiling is affirmed at BB-.

Fitch said that although economic growth has been rapid in the past two years, much of the improvement is a recovery rather than a true expansion. Investment has accelerated, but remains low, raising the possibility that growth momentum will sputter out.

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