Sovereign Rating Actions Recap: June 20-27, 2025

S&P Global Ratings

?downgraded Bolivia to 'CCC-' from 'CCC+' with the negative outlook.

Fitch Ratings

affirmed Cote d`Ivoire at 'BB-' with the stable outlook.
affirmed United Arab Emirates at 'AA-' with the stable outlook.
?affirmed Brazil at 'BB' with the stable outlook.
?upgraded Uzbekistan to 'BB' from 'BB-' with the stable outlook.

The upgrade reflects accelerated reform progress and favourable medium-term growth prospects, which we expect will contain macrostability risks and continue to drive a sustained improvement in structural credit metrics.

Moody's

?affirmed Cayman Islands at 'Aa3' with the stable outlook.
affirmed Armenia at 'Ba3' with the stable outlook.
?downgraded Colombia to 'Baa3' from 'Baa2' with the stable outlook.

The ratings downgrade reflects the projected deterioration of the government's debt metrics, which we expect will persist over the coming years as fiscal deficits will remain high and above the limits set by the country's fiscal rule.