The COVID-19 pandemic created tremendous hardship around the world, including Latin America. Governments in the region reacted with public spending to address the public health, social, and economic consequences of the crisis. In the wake of these expenditures, the sovereign creditworthiness of these governments (Moody’s focus) may be at stake. To assist the client, the Capstone team assessed the ability of governments to navigate public spending challenges moving forward. By creating a Public Spending Risk Scorecard, the team provided a snapshot of sovereigns’ ability to manage public spending pressures. The scorecard focused on two dynamics: the extent of budget rigidity and the potential effects of social-political factors. Separate from the scorecard, the Capstone team provided insights on the potential impact of tax expenditures for select countries. The paper also considered the potential consequences for sovereign creditworthiness by cross-referencing the team's findings with debt sustainability analyses produced by the IMF.