Ratings Upgrade: In A League Of Its Own

Chile's sovereign credit ratinge upgrade reaffirms our view that the country's macroeconomic fundamentals and prudent policy responses to slowing economic growth set it apart from the rest of the region. While the upgrade by ratings agency Moody's will hardly put an end to the economic headwinds facing the Chilean economy this year, we note that the move should provide further support to our bullish short-term stance on local assets, notably the Chilean peso.

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