The ratings on the Republic of Nicaragua reflect low per capita income, lack of monetary policy flexibility, and vulnerability to external shocks, offset by a moderate general government debt burden and track record of stable economic growth. We are affirming our 'B+/B' foreign and local currency sovereign credit ratings on Nicaragua. The outlook remains stable, based on our expectation of continued pragmatic economic policies, low fiscal deficits, and only moderate annual increases in government debt. We also expect the administration of President Daniel Ortega to maintain good access to official funding to sustain the sovereign's favorable debt profile. On Feb. 3, 2017, S&P Global Ratings affirmed its 'B+' long-term local and foreign currency sovereign credit ratings on the Republic of
