The impact of the COVID-19 pandemic and the global downturn will result in economic contraction this year and higher fiscal deficits in Honduras. However, we do not expect these shocks to create a structurally weaker external profile for the sovereign as the economy recovers next year. We are affirming our 'BB-/B' sovereign credit ratings on Honduras. The stable outlook reflects our view that economic recovery, the government's commitment to fiscal moderation, and its continued access to ample sources of funding will contain the potential deterioration of public finances and external liquidity. On May 6, 2020, S&P Global Ratings affirmed its 'BB-/B' long- and short-term sovereign credit ratings on Honduras. The outlook remains stable. We also affirmed our 'BB' transfer and
