This report supplements our research update "Republic of Nicaragua Assigned 'B+/B' Issuer Credit Ratings; Outlook Stable," published on Feb. 11, 2016. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. Nicaragua's low per capita income, monetary policy rigidities, and vulnerability to external shocks constrain the ratings. The low general government debt and debt-service burdens and the country's political stability support the ratings. Standard&Poor's Ratings Services estimates GDP per capita will be just above $2,000 in 2016 despite steady economic growth in recent years. GDP growth per capita averaged 2.6% during
