S&P upgrades Uruguay

Standard & Poor's said it raised its long-term foreign and local currency sovereign credit ratings on the Oriental Republic of Uruguay to B from B-. The short-term ratings were raised to B from C.

The outlook on the long-term ratings is stable.

"The upgrades reflect ongoing expenditure restraint that, coupled with an improving economy, will underpin a further reduction in the fiscal deficit and debt stock," said S&P credit analyst Lisa Schineller. "The new ratings also incorporate the expectation that sufficient policy continuity under the next government (presidential elections will be held in October/November 2004) will keep Uruguay's fiscal trajectory on an improving trend in 2005 and beyond."

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