(Bloomberg) -- Uruguay’s credit score was boosted by Fitch Ratings, which cited the South American nation’s resilient fiscal performance despite the shock of the Covid pandemic and a series of government reforms.

The country’s rating was lifted Wednesday by a notch to BBB by the credit assessor, putting it on par with Peru and Indonesia and two levels into investment-grade territory. 

“The upgrade reflects Uruguay’s resilient fiscal performance in absorbing the Covid-19 pandemic shock,” analyst Carlos Morales wrote. That’s “coupled with its record of compliance with its modified fiscal framework, which has enhanced its fiscal credibility, increased resilience to economic shocks and reduced the risk of a potential marked future increase in the government debt burden.”

Uruguay was assigned a positive outlook last month by Moody’s Investors Service, which also scores the country at the second-lowest investment grade level. S&P Global Ratings upgraded the nation in April to BBB+, three notches above junk territory.

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