Guatemala's long-standing macroeconomic stability and fiscal prudence are helping to enhance GDP growth dynamics. The economic rebound in 2021 was notable, with prospects for consolidation despite challenging global conditions, and it contributed to a greater-than-expected decline in the fiscal deficit last year. As a result, we revised our outlook on the long-term ratings on Guatemala to positive from stable, and we affirmed our 'BB-/B' foreign currency and 'BB/B' local currency sovereign credit ratings. The positive outlook reflects our expectation that economic growth will continue amid global volatility and the run-up to the 2023 general elections, with the potential to gradually address long-standing social needs and infrastructure gaps. On April 19, 2022, S&P Global Ratings affirmed its 'BB-' long-term foreign currency
