LatinNews Daily - 08 October 2018

* International credit ratings agency Fitch Ratings has confirmed Uruguay’s Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BBB' but has revised the rating outlook from 'stable' to 'negative'. According to a Fitch press release, the new rating reflects Uruguay’s persistent fiscal deficit and rising public debt that are currently reducing the country’s ability to enact economic reforms. Fitch believes that Uruguay's economy will be resilient to shocks in the region, but that economic growth will continue to slow. The report projects that the central government deficit will rise to 3.1% of GDP in 2018 and 3.6% of GDP in 2019 and that general government debt will jump to 62.7% of GDP in 2018 from 57.7% in 2017. Fitch also predicts that no new fiscal measures will be put in place in the forecast to 2020, due to the upcoming general election in 2019.

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