NEW YORK Dec 8 Moody's Investors Service
raised the sovereign foreign currency credit rating for Uruguay
by two notches to Ba1 from Ba3 on Wednesday, leaving it just
below investment grade, citing improved debt and fiscal
The rating has a stable outlook.
"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.
(Reporting by Daniel Bases and Pam Niimi, Editing by Chizu