There have been fewer Latin American sovereign rating actions in 2025 but they have continued to lean in a positive direction, Fitch Ratings says in a new peer review. The region’s larger economies continue to face growth and fiscal challenges, with varying degrees of progress. But many smaller economies, mainly in Central American and the Caribbean, have retained strong fiscal positions and, in some cases, solid growth. Fitch upgraded Argentina, Aruba, El Salvador and Guatemala, and downgraded Bolivia. The balance of Positive to Negative Outlooks is six to one. [....]