This report supplements our research update "Republic of Nicaragua 'B+/B' Ratings Affirmed; Outlook Remains Stable," published on Feb. 3, 2017. 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. The ratings on the Republic of Nicaragua reflect its low per capita income, lack of monetary policy flexibility, and vulnerability to external shocks. A moderate general government debt burden and track record of pragmatic economic policies and stable economic growth counterbalance those factors. Consensus between the government and the private sector on pragmatic economic policies has contributed to investor confidence. That, plus low
