ECR: Which way next for Uruguay?
|LatAm safe-haven ranking||6th|
|Euromoney Country Risk score||56.49|
|Three-year score change||6.23|
|Implied default probability (1-year %)||0.17|
One of the most striking performers in Euromoney’s survey, Uruguay has seen its risk score increase by more than any other Latin American sovereign over three years, taking the sovereign to 48th out of 189 countries in the global rankings. Much of that is down to politics, with all six indicators, ranging from non-payment/non-repatriation risk, to policymaking and government stability, on improved score trends. The predominantly agricultural economy faces risks from weakened FDI from Argentina and interrupted capital flows resulting from US liquidity withdrawal. The country’s road network and port facilities remain challenging, too, hindering logistics and preventing its infrastructure scores from rising much above five out of 10. But the economy is still performing admirably, growing by 3.7%