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Uruguay just below investment grade by Moody's rate agency

Uruguay's ratings are underpinned by lower susceptibility to event risk that reflects reduced economic and financial exposure to regional shocks, particularly those originating in Argentina, Mauro Leos, sovereign credit analyst at Moody's said in a statement. The rating refers to foreign and domestic currency (Uruguayan Peso) debt and both have been described as stable. Moody's decision is based on a healthy credit profile with a debt structure characterized by moderate financing, less vulnerability to economic and financial shocks in a context of macro-economic stability and a significant reduction in GDP/debt ratio. Uruguay will have to show significant and additional improvements before further hikes of its rating are considered and we believe this will not occur in the short term, warned Leos. Moody's thus joins other agencies that have upgrades Uruguay's sovereign debt: Standard & Poor's last September and Fitch Ratings last July. The Uruguayan government received the news with enthusiasm and is optimistic about reaching investment grade in a near future. I'm sure we are going to recover investment grade in a short term. I hope that from now on and before a year we will be enjoying investment grade if nothing strange happens, said Uruguay's Vice-president and former Economy minister Danilo Astori. He hoped that Moody's move is imitated by other risk rating agencies that are beginning to act with a more fair spirit towards Uruguay, since markets had already improved Uruguay's ratings. The Uruguayan economy expanded 10.4% in the second quarter of 2010 compared to the previous year and 9.6% in the first half of 2010. Moody's forecast is 7.2% in 2010 and 5.5% in 2011. Inflation will reach 6.5% and 5.5% next year, both in the target range of the Uruguayan government. The US dollar will be trading at 19.5 pesos by the end of 2011 and in the range of 20 pesos at the end of December 2010. Per capita GDP income in 2010 is estimated at 12.040 US dollars rising to 13.240 by the end of 2011.

Source: www.uruguayproperties.com.uy


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