TEGUCIGALPA, Honduras, Sept. 27, 2017 /PRNewswire/ -- Last week, Honduran President Juan Orlando Hernández applauded Moody's Investor Service for raising Honduras's credit rating from B2 to B1 -- the highest in the nation's history.
"I am pleased that Moody's has recognized the hard work that my administration has done to bolster our nation's fiscal health," President Hernández said. "Honduras's economic future is bright, and we are glad that the international financial community is taking note."
President Hernández hosted inspectors from Moody's earlier this month in Tegucigalpa. Moody's met with Honduran Minister of Finance Wilfredo Cerrato, members of the International Monetary Fund in Honduras, the Inter-American Development Bank, the World Bank, and the United States Embassy.
According to Cerrato, Honduras's rating upgrade reflects relative debt stability compared to neighboring countries, as well as fiscal discipline by the Hernández administration. This is the second year in a row that Moody's has raised Honduras's credit rating.
Another of the big rating agencies, Standard & Poor's, raised Honduras's rating from a B+ to a BB- in July. S&P cited lower vulnerability to non-payment in making its determination.
The Honduran central bank projects that the Honduran economy could grow up to 4.1 percent in 2017.
The Hernández administration has taken several steps to encourage foreign investment in Honduras, including partnering with the Office of the United Nations High Commissioner for Human Rights to fight corruption, forging a new customs union with Guatemala, and formulating a regional plan to develop the Gulf of Fonseca with Nicaragua and El Salvador.
"In today's globalized economy, Honduras is constantly seeking new trading partners," President Hernández said. "By cooperating with our neighbors and with the international community, we will create more economic opportunities for our citizens."
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SOURCE Republic of Honduras