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Fitch revises Uruguay rating outlook to positive
NEW YORK, July 13 (Reuters) - Fitch Ratings on Monday revised its outlook for Uruguay's credit ratings to positive from stable, saying the country has shown great resilience to the impact of the global financial crisis.
"Fitch believes that Uruguay's resilience to external economic shocks has increased as a result of greater exchange rate flexibility, rising international reserve levels, lower external financing needs and prudent measures that have strengthened the banking system," the ratings agency said in a statement.
Fitch rates Uruguay's foreign-currency bonds at BB-minus, or three notches below investment grade. (Reporting by Walter Brandimarte; Editing by Leslie Adler)
