Investor Presentaiton
12
Public debt will increase around 10%-pts of GDP in 2020, resuming its downward trend in 2021
Public debt¹
% of GDP
60
50
50
40
40
30
20
20
10
10
0
37.2 37.2
36 36
34.8
33.2
32.9
32.3
30.6 30.9
31.1 29.5 28.8
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
40
40
48.7
46.5
45.7
44.9 44.8
42.6
(1)
54.7
53.7
(2)
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Source: MoF
1. HBPSBR - Historical Balance of the Public Sector Borrowing Requirements.
Due to...
Exchange rate depreciation (30% of total
debt is foreign denominated);
Fall in revenues, surpassing spending
cuts, with special assignation due to the
health crisis;
(3)
Lower oil output relative to
expectations, and
(4)
Fall in nominal GDP for the first time
since 1980
Credit ratings
Fitch Ratings S&P Global MOODY'S
BBB+
BBB+
Baa1
BBB
BBB
Baa2
BBB-
BBB-
Baa3
BB+
BB+
Ba1
BB
BB
Ba2
BB-
BB-
Ba3
Eco
Hist DB NIM Rev C/I
NI
Div
ROE
LD Dep Loan ICAP BAP
Guid
Mkt
App
GRUPO FINANCIERO
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