Fitch Rates Uruguay's USD1.7 Billion Global Bonds 2027 'BBB-'
OREANDA-NEWS. Fitch Ratings has assigned a 'BBB-' rating to Uruguay's USD1.7 billion global bond issuance maturing Oct. 27, 2027. The bonds have a coupon rate of 4.375%. The proceeds will be used for the general budgetary purposes of the central government and buyback of shorter-dated global bonds.
KEY RATING DRIVERS
The rating is in line with Uruguay's Long-term Foreign Currency Issuer Default Rating (IDR) of 'BBB-' with a Stable Outlook.
The rating would be sensitive to any changes in Uruguay's Long-term Foreign Currency IDR. On Aug. 27, 2015, Fitch affirmed Uruguay's Long-term Foreign Currency IDR at 'BBB-' with a Stable Outlook.