BUENOS AIRES (Standard&Poor's) Aug. 5, 2014--Standard&Poor's Ratings Services today assigned its 'BB' issue rating on the Republic of Paraguay's second issuance of US$1 billion bonds due in 2044. It will use the proceeds to fund infrastructure and energy projects as well as to assist other sectors of the economy, such as agriculture and public housing. Our ratings on Paraguay reflect its limited monetary flexibility, low per capita income and shortfalls in physical infrastructure, and its still-evolving political and public institutions. They also reflect a relatively strong external position, low debt burden, and moderate fiscal flexibility. Paraguay's evolving political institutions limit how quickly it can achieve its social and economic objectives. As a result, we expect sustained,
