Paraguay's long-standing macroeconomic stability and fiscal prudence are helping to mitigate the economic and social impact from COVID-19. As the pandemic eventually recedes, we would expect Paraguay's economic growth to gradually lower fiscal deficits and stabilize the debt level. We affirmed our 'BB/B' long- and short-term sovereign credit ratings on Paraguay. The stable outlook reflects our expectation of only limited long-term deterioration in Paraguay's financial and economic profiles, based on the government's commitment to maintaining macroeconomic stability and strengthening its fiscal framework. On May 19, 2021, S&P Global Ratings affirmed its 'BB/B' long- and short-term sovereign credit ratings on Paraguay. The outlook remains stable. Our transfer and convertibility assessment is unchanged at 'BB+'. The stable outlook indicates our expectation that
