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Bond Market News
Fitch Upgrades Bolivia to CCC
January 19, 2026
Bolivia was upgraded by a notch to CCC from CCC- by Fitch.The upgrade reflects reduced political constraints on external financing following the October 2025 election victory of Rodrigo Paz and a more reform-friendly Congress, enabling approval of new funding. International reserves have improved, with liquid reserves rising to $523mn as of 9 January 2026, supported by a loan disbursement, while total reserves including gold reached $3.8bn. Fitch highlighted bold economic reforms, notably the elimination of fuel subsidies, alongside plans for foreign exchange flexibility, trade liberalization, and investment incentives. These steps should help reduce the fiscal deficit, support reserve accumulation, and improve debt-servicing capacity, despite ongoing social tensions and protests. Bolivia’s low external commercial debt burden, manageable near-term maturities (including a $388mn eurobond payment in March 2026), and expected fresh external financing in 2026 also underpin the rating action. However, near-term risks remain high given narrow external liquidity and large deficits (estimated 12.6% of GDP in 2025). Bolivia’s dollar bonds rose by 0.4- 0.6 points across the curve, continuing their uptrend since last year where they gained by almost 50%.
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