According to the cited documentsRegional benchmark
Yes: Guatemala (Ba1/BB+/BB+) is the best-rated credit in Central America, above Costa Rica at Moody's (Ba1 vs Ba2), at S&P (BB+ vs BB) and, since the 14 October 2025 upgrade, at Fitch too (BB+ stable vs BB positive). It is converging towards Mexico, which is moving in the opposite direction: Moody's downgraded it to Baa3 on May 20, 2026, three weeks after affirming Guatemala at Ba1. Fitch lists Guatemala, Costa Rica and the Dominican Republic among its ‘BB rising stars’, candidates for investment grade (December 2025).