The sovereign is one to watch in 2015, and not just because of the eurozone recovery, or conversely its vulnerability to Greece.

Investors opting for the Caribbean region and its various bond offerings as economic growth recovers should beware of the risks involved. For many countries these can still be quite extreme.

Euromoney’s risk experts weigh up the various options as the ‘end-game’ nears.

The Andean nation was riskier than Brazil not so long ago, but has risen through the LatAm rankings and might soon become the second-safest credit in the region behind Chile.