This report supplements our research update "Paraguay Long-Term Sovereign Ratings Raised To 'BB' On Progress On The Implementation Of Reforms; Outlook Is Stable," published on June 11, 2014. 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 upgrade of the Republic of Paraguay is based on our expectation that the government will make progress in implementing recent legislation designed to boost investment and maintain cautious macroeconomic policies. The Administration of President Horacio Cartes has embarked on an ambitious plan to spur investment, especially in the country's physical infrastructure, in order to
