Standard & Poor's rates Chile as the lowest-risk economy in Latin America

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NEW YORK.- Standard and Poor's Ratings Services announced today that it has raised Chile's foreign currency long-term sovereign rating from an "A" to an "A+", making it the lowest-risk economy in Latin America.

Standard & Poor's also stated that it has maintained the country's credit rating of "AA" for long-term local currency.

The agency added that prospects were stable.

"The improvement is mainly reflected in the improvement of the Chilean economy's resistance to potentially adverse shocks", explained the credit analyst for Standard & Poor's, Sebastián Briozzo.

The agency also cited Chile's advances in adopting policies that can mitigate the economic effects of a sharp downturn in the price of Copper, the country's main export.

S&P added that Chile is one of the few emerging-market economies to earn high accreditation for putting monetary policies and countercyclical taxes into effect.