Guatemala continues to have conservative macroeconomic policies with the lowest level of net government debt in Latin America, despite potential bouts of political uncertainty. Even amid current global economic uncertainty, we think Guatemala has very strong external and fiscal buffers to manage negative external shocks. We raised our long-term sovereign credit ratings on Guatemala to 'BB+' from 'BB'. The stable outlook indicates our view that cautious macroeconomic policies will prevail over the next few years despite global uncertainty, backed by external and fiscal buffers. On May 23, 2025, S&P Global Ratings raised its long-term foreign currency and local currency sovereign credit ratings on Guatemala to 'BB+' from 'BB'. The outlook is stable. We also revised up our transfer and convertibility
