Moody's upgrades Uruguay's credit rating to positive

Moody’s Investors Service revised Uruguay’s credit outlook, and moved it up from "stable" to "positive," citing as reasons the "fiscal discipline that led the country to ease deficits and decrease its foreign debt metrics."

“Along with a better capacity to administrate adverse financial and economic conditions, the profile of the Government’s credit has improved gradually but steadily, thus getting closer to the line that the sovereign countries with the highest ratings have,” Moody’s said in a statement.

The credit rating agency keeps Uruguay’s long term foreign currency rating on Ba1; a step below investment levels.

Fellow credit rating agencies Standard& Poor’s and Fitch maintain a similar rating with Uruguay -BB+- with stable outlooks.