Moody's rates Paraguay bond Ba3

Moody's Investors Service said it assigned a Ba3 rating to the Government of Paraguay's $500 million bond due Jan. 25, 2023.

The rating matches the sovereign rating of Paraguay, which was upgraded to Ba3 from B1 with a stable outlook on Jan. 8.

Moody's said the upgrade to Paraguay's sovereign rating was based on: (a) Government finances that we expect will continue to align well with peers in the Ba rating category, despite volatile growth; (b) a sustained build-up in international reserves resulting in external liquidity metrics in line with Ba medians; and (c) improved medium-term growth prospects supported by government plans to increase investment in infrastructure.

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