Risk assessment agency Standard & Poor's has announced its decision to raise the country's credit rating to BB+ with a Stable outlook. This upgrade comes a decade after the previous rating increase to BB (Stable) in 2014.
The credit rating boost is attributed to the observed increased economic resilience of the country. In this regard, the agency anticipates that sustained economic growth could alleviate spending pressures and potential climate-related risks in the country, while also contributing to the national government's ability to stabilize debt.
The rating agency expects that macroeconomic stability and an excess supply of renewable energy will attract investments, supporting growth and contributing to a gradual diversification of the economy.
Economy Minister Carlos Fernández Valdovinos commented on the matter, stating that this achievement will create more opportunities for investments and economic growth, instill greater confidence in investors, and enable the country to access improved financial conditions.