Paraguay plans to issue its debut bond. We are assigning our 'BB-' rating to Paraguay's proposed $500 million bonds due in 2023. We are affirming our 'BB-/B' sovereign credit ratings on Paraguay. The outlook remains stable, reflecting our expectation that Paraguay will maintain cautious fiscal and monetary policies in the coming years, while continuing to strengthen its relatively weak institutions. On Jan. 17, 2013, Standard&Poor's Ratings Services assigned its 'BB-' issue rating and '3' recovery rating to Paraguay's proposed debut issuance of US$500 million bonds due in 2023. At the same time, we affirmed the 'BB-/B' sovereign credit ratings on Paraguay. The outlook remains stable. The ratings on Paraguay reflect its solid fiscal position, low debt, and improved
