Credit Rating Report

DBRS Morningstar Upgrades Uruguay to BBB, Trend Changed to Stable

Sovereigns

Summary

DBRS, Inc. (DBRS Morningstar) upgraded the Oriental Republic of Uruguay’s Long-Term Foreign and Local Currency – Issuer Ratings to BBB. At the same time, DBRS Morningstar upgraded the Oriental Republic of Uruguay’s Short-Term Foreign and Local Currency – Issuer Ratings to R-2 (high). The trend on all ratings has been changed from Positive to Stable.

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