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Uruguay Sovereign Debt Report - October 2015

Highlights of the quarterly report issued by the Debt Management Unit of the Uruguayan Ministry of Economy and Finance: - Uruguay issued a new 2027 dollar-denominated global bond and concurrently executed an intraday liability-management operation. The transaction supports the pre-funding policy of the Central Government, while creating a new benchmark in the mid-section of the dollar curve; - DMU swapped foreign currency- denominated multilateral loans to Uruguayan Pesos; - R&I affirmed BBB- and changed rating outlook from Stable to Positive.