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-Fitch rates Uruguay's 2028 bond at BB+.

BANKING AND CREDIT NEWS-December 13, 2011--Fitch rates Uruguay's 2028 bond at BB+(C)2011 M2 COMMUNICATIONS

13 December 2011 - Fitch attached on Monday a long-term foreign currency rating of BB+ to Uruguay's USD2bn (EUR1.5bn) bond, which matures in 2028.

The inflation-indexed bond, which carries a coupon of 4.375%, is part of a liability management transaction aimed at strengthening the sovereign's external debt profile.

The rating is identical to the sovereign's foreign currency issuer default rating (IDR), which factors in the reduction in Uruguay's external and fiscal vulnerabilities thanks to improvements in its external and fiscal solvency ratios, stronger external liquidity, better currency composition and maturity structure of government debt. Uruguay's creditworthiness is further supported by the increase in GDP per capita income, its more favourable social indicators and solid institutional framework.

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:3URUG
Date:Dec 13, 2011
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