Several policy measures have contributed to a stabilization of foreign exchange reserves for Nicaragua, staunching previously worsening liquidity pressures that have led to a severe economic contraction. As a result, we are revising our outlook on the long-term ratings to stable from negative. At the same time, we are affirming our 'B-/B' sovereign credit ratings on Nicaragua. The stable outlook balances the recent stabilization of liquidity and continuing access to domestic and external funding for the government with enduring political uncertainty, a severe economic contraction, and weaknesses in the financial sector. On Nov. 8, 2019, S&P Global Ratings revised its outlook on Nicaragua to stable from negative. At the same time, we affirmed our 'B-/B' long-term and short-term foreign and
