This report supplements our research update "Republic of Paraguay Outlook Revised To Stable From Positive; 'BB/B' Ratings Affirmed," published on June 15, 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. The ratings on the Republic of Paraguay reflect the sovereign's prudent macroeconomic policy that has supported buoyant growth, which remains at healthy, although lower-than-historical, levels for a country with Paraguay's income per capita, which S&P Global Ratings expects to be $3,682 in 2016. Debt levels, though increasing, remain low, and fiscal deficits are moderate. These strengths are balanced against still-developing
