Moody's ups Paraguay

Moody's Investors Service said it upgraded Paraguay's local- and foreign-currency government bond ratings to B1 from B3, along with its foreign-currency bond ceiling to Ba3 from B2, foreign-currency deposit ceiling to B2 from B3 and local-currency deposit ceiling to Ba1 from Ba2. The local-currency bond ceiling remains unchanged at Ba1.

The outlook is stable.

The upgrade reflects improved growth prospects as the country benefits from the global commodity cycle, as well as increasing economic ties to Brazil, Moody's said.

Economic growth this year will likely be the highest in decades due to increased agricultural activities, the agency said.

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