S&P affirms Paraguay

Standard & Poor's said it affirmed its BB-/B foreign and local currency sovereign credit ratings on the Republic of Paraguay.

At the same time, the agency said it removed the ratings from CreditWatch, where they were placed with negative implications on June 25. The outlook is stable.

"We removed the ratings from CreditWatch because, in our view, the rapid impeachment of former president Fernando Lugo on June 22 and the subsequent suspension of Paraguay from South American political and free trade associations UNASUR and MERCOSUR have had - and will likely continue to have - a limited impact on the Paraguayan economy," S&P credit analyst Richard Francis in a news release.

S&P said it expects Paraguay to be reinstated to these organizations after the April 2013 presidential election.

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