Uruguay issued 2 billion dollars of a new 2050 global bond on Tuesday at a spread of 165 to 170 basis points over U.S. Treasuries as part of the government's bid to put less strain on its accounts in the near- and medium-term, it was reported.
Uruguayan government negotiations with Washington to receive detainees from the US jail in Guantanamo base, and with the UN to host Syrian children and their families are well advanced, revealed Foreign minister Luis Almagro.
Standard & Poor's (S&P) decided on Tuesday to maintain Uruguay's sovereign debt risk rating unchanged at the lowest investment grade BBB-, because although it has solid growth prospects, predictable policies and a favorable debt profile, the country still has limited fiscal and monetary flexibility and lives in a neighborhood experimenting 'economic stress'.
Yet more surprises from last Sunday's primaries in Uruguay to choose candidates for the October presidential election. Not only did the main opposition vote overwhelmingly for renewal, but now it has emerged that in the ruling coalition, which suffers from a generation of Jurassic leaders, a young challenger has emerged as the most voted and is now demanding a place in the presidential ticket.
Moody's Investors Service last Friday announced it had upgraded Uruguay's government bond rating to Baa2 from Baa3, and assigned a stable outlook to the Baa2 rating. The upgrade was driven by the strengthening of Uruguay's sovereign credit profile, as reflected by the convergence of fiscal and debt metric, an overall government debt profile that is currently associated with moderate credit risks, and the country's reduced vulnerabilities to regional and commodity shocks.
Sunday's primaries in Uruguay cleared the way for the candidates of the four parties with legislative representation that will be disputing the presidential election next October 26, with a run-off a month later if none of them manages 50% plus one of ballots.
Foreign direct investment in Uruguay totaled 2.79bn dollars last year, which is slightly higher than the 2.68bn of 2012, equivalent to 5% of GDP, according to the latest report on FDI for the region from the UN Economic Commission for Latin America and the Caribbean.
Uruguay closed on Thursday the primaries election campaign ahead of Sunday's vote when the different parties will be choosing their candidates for the big presidential contest on the last Sunday of October. Whoever is elected in October or in the November run-off will succeed President Jose Mujica on March 2015.
Uruguay's vice-president Danilo Astori said that Argentina is the most protectionist country in the region and again questioned the effectiveness of Mercosur arguing that Uruguay can't forget the region but can't be expected to remain idle.
A Uruguayan criminal court found no merit to continue investigating into incidents allegedly occurred in a Chinese flagged fishing vessel following on claims of 'slavery', ill treatment and beatings, presented by 28 African crewmembers.