The article aims to evaluate a set of Latin American countries to identify the level of risk as an investment option. Financial indicators and macroeconomic variables that present two grouping levels are considered to generate a ranking of prospective investment countries using the multicriteria hierarchical approach based on the ELECTRE III method. This approach allows countries to be sorted by dimensions in a group of indicators applied as decision criteria. The main contribution is identifying countries with investment viability in specific evaluation dimensions. As a result, an ordering is obtained at a global level, and a subgroup ordering of criteria the preferences of investors.