Economy: Santiago

Key Facts

—Warning. Fitch Ratings signalled that a debt trajectory climbing above 45% of GDP would put Chile’s sovereign credit rating at risk of a downgrade.

—Anchor. The 45% level has long served as an informal ceiling for a country that built its reputation on fiscal prudence.

—Growth. The caution lands even as activity improves: June’s Imacec rose 2.4%, the year’s first positive print, helped by mining.