Honduras' monetary and exchange rate policies have become more flexible under the IMF program, while higher remittances and exports have increased the availability of foreign exchange in the economy. Increasing political controversy about the conduct of presidential elections in November 2025 could lead to weaker investor sentiment. We affirmed our 'BB-/B' sovereign credit ratings on Honduras. The negative outlook incorporates the risks that potentially higher political uncertainty could limit the ability to secure external financing and limit GDP growth. On Sept. 11, 2025, S&P Global Ratings affirmed its 'BB-/B' long- and short-term sovereign credit ratings on Honduras. The outlook remains negative. The transfer and convertibility assessment remains 'BB-'. The negative outlook incorporates the risk that heightened political uncertainty during and
