Cautious fiscal and monetary policies have stabilized Guatemala's economy and should support continued GDP growth. Further steps to address high social needs would be key to substantially reduce the country's high poverty level. We raised our long-term foreign currency sovereign credit rating on Guatemala to 'BB' from 'BB-'. The stable outlook reflects our expectation that cautious macroeconomic management will prevail--notwithstanding June general elections and unfavorable global conditions. On April 11, 2023, S&P Global Ratings raised its long-term foreign currency sovereign credit rating on Guatemala to 'BB' from 'BB-'. We also affirmed our 'BB' long-term local currency sovereign credit rating and our 'B' short-term sovereign credit ratings. The outlook on the long-term ratings is stable. In addition, we revised our transfer
