This report supplements our research update "Paraguay Outlook Revised To Positive On Greater Resilience To Weak Regional Economies; 'BB/B' Ratings Affirmed," published on June 16, 2015. 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 its sound economic performance, anchored by prudent macroeconomic policy and strengthening economic institutions, as well as the steps it is taking to boost infrastructure. These factors are balanced by Paraguay's still developing political institutions that will continue to challenge the government's ability to implement its agenda. Standard&Poor's
