...Banco Hipotecario del Uruguay's (BHU) has a Baseline Credit Assessment (BCA) of ba1, which reflects the bank's low problem loan ratio, relative to the system's average ratio, strong capitalization and proven access to stable, low-cost core deposits. In addition, the ba1 BCA incorporates the lack of revenue diversification in BHU's franchise as a monoline lender and the relatively low volume of liquid resources in the bank's balance sheet. On 28 April 2022, we upgraded BHU's BCA and adjusted BCA to ba1, from ba2, and affirmed the bank's long- and short-term local- and foreign-currency deposit ratings at Baa2 and Prime 2. BHU's deposit ratings of Baa2 incorporate the full and unconditional guarantee of the bank's obligations by the Government of Uruguay (Baa2 stable), which is the bank's only shareholder....