Uruguay — Sovereign Signal
BT-SFS 62.8/100 · BBB+ · 76bps over Treasuries
Score and market snapshot
Uruguay trades 22bps tight of its fundamentals fit (fitted spread 98bps).
| Field | Value |
|---|---|
| BT-SFS | 62.8 / 100 |
| Rank | 9 of 51 |
| Composite rating | BBB+ |
| Agency ratings | Moody's Baa1 · S&P BBB+ · Fitch BBB |
| Benchmark USD bond | URUGUA 5.75 34 |
| Spread over Treasuries | 76bps |
| Yield to worst (S.A.) | 5.87% |
| Duration | 5.6y |
Pillar scores
| Pillar | Score (0-100) |
|---|---|
| Fiscal | 47.1 |
| External | 53.8 |
| Macro | 64.6 |
| Institutions | 88.8 |
The ten metrics behind the score
| Metric | Pillar | Raw value | Score | Source | Year |
|---|---|---|---|---|---|
| Reserves, months of imports | External | 8.7 mo | 53.8 | World Bank | 2025 |
| General government debt / GDP | Fiscal | 66.8% | 23.1 | IMF | 2026 |
| FX public debt / GDP | Fiscal | 27.8% | 53.6 | World Bank/IMF QPSD | 2026 |
| Net interest / revenue | Fiscal | 8.1% | 76.5 | IMF | 2026 |
| Primary balance / GDP | Fiscal | -1.5% | 43.1 | IMF | 2026 |
| Governance (WGI GE + RQ) | Institutions | 67.5 | 92.8 | WGI | 2025 |
| Inflation track record | Institutions | 7.4% | 82.7 | IMF | 1997–2026 (h=10) |
| Real GDP growth, centred 3-year | Macro | 2.1% | 29.3 | IMF | 2025–2027 |
| GDP per capita, USD | Macro | $27,608 | 100.0 | IMF | 2026 |
| Growth volatility, 10-year | Macro | 3.4pp | 40.9 | IMF | 2016–2025 |
Score history
Applying the current methodology to historical sources, Uruguay moves from 65.8 in 2016 to 62.8 in 2026 (-3.0 points over ten years).
Default and restructuring registry
No bond default or restructuring events in the registry window.
Frequently asked questions
What is Uruguay's sovereign credit score?
Uruguay scores 62.8/100 on the BT Sovereign Fundamentals Score, ranking 9 of 51 sovereigns covered. The score is built from ten public IMF and World Bank metrics across fiscal, external, macro, and institutions pillars.
Which Uruguay USD bond does BondTerminal track?
URUGUA 5.75 34 (ISIN US760942BE11), the near-5-year USD benchmark, currently 76bps over Treasuries with a 5.87% yield to worst (S.A.).
Is Uruguay trading wide or tight of its fundamentals?
Uruguay trades 22bps tight of its fundamentals fit (fitted spread 98bps).