The Honduran government's commitment to strengthen public finances has improved Honduras' fiscal flexibility. We expect broad continuity in economic policies and contained debt increases following national elections in November 2017. As a result, we are raising our long-term foreign and local currency sovereign ratings on Honduras to 'BB-' from 'B+'. The stable outlook reflects our expectation that the next government will consolidate gains in fiscal and energy reforms while continuing to tackle crime and poverty in the context of still-evolving political institutions and low GDP per capita. On July 18, 2017, S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on the Republic of Honduras to 'BB-' from 'B+'. The outlook is stable. At the same
