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Political risks have been rising in Latin America (LatAm), partly reflecting the damage from the Covid-19 pandemic. Social mobilisations in Chile and Ecuador (2019), Peru (2020) and Colombia (2021) have reflected social discontent in the context of sluggish economic growth and limited job growth. Social mobilisations, governance challenges and rising political uncertainties have led to higher fiscal spending pressures, implementation of populist microeconomic measures and increased policy uncertainty, thereby creating downward rating pressure in some countries.