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Paraguay Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Ba1 Positive | BBB- Stable | BB+ Positive | NR — | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Dec 17, 2025 | S&P | BB+ | Positive | BBB- | Stable | |
| Oct 06, 2025 | Fitch | BB+ | Stable | BB+ | Positive | |
| Jan 08, 2025 | S&P | BB+ | Stable | BB+ | Positive | |
| Feb 01, 2024 | S&P | BB | Stable | BB+ | Stable | |
| Jul 22, 2022 | Moody's | Ba1 | Stable | Ba1 | Positive | |
| Dec 11, 2018 | Fitch | BB | Positive | BB+ | Stable | |
| Dec 14, 2017 | Fitch | BB | Stable | BB | Positive | |
| Jun 15, 2016 | S&P | BB | Positive | BB | Stable | |
| Jun 16, 2015 | S&P | BB | Stable | BB | Positive | |
| Mar 20, 2015 | Moody's | Ba2 | Positive | Ba1 | Stable | |
| Jan 29, 2015 | Fitch | BB- | Positive | BB | Stable | |
| Jun 11, 2014 | S&P | BB- | Stable | BB | Stable | |
| Feb 04, 2014 | Moody's | Ba3 | Stable | Ba2 | Positive | |
| Jan 31, 2014 | Fitch | BB- | Stable | BB- | Positive | |
| Jan 10, 2013 | Fitch | NR | — | BB- | Stable | |
| Jan 08, 2013 | Moody's | B1 | Stable | Ba3 | Stable | |
| Aug 29, 2012 | S&P | BB- | Negative Watch | BB- | Stable | |
| Jun 25, 2012 | S&P | BB- | Stable | BB- | Negative Watch | |
| Aug 30, 2011 | S&P | B+ | Positive | BB- | Stable | |
| Dec 02, 2010 | Moody's | B3 | Positive Watch | B1 | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Paraguay’s current credit rating?
Paraguay’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Paraguay’s credit risk.
Has Paraguay’s credit rating changed recently?
This page lists the latest rating and outlook actions for Paraguay, showing when each agency last reviewed or changed its assessment.
Why does Paraguay’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Paraguay's bond yields, currency, and equity flows as investors reassess risk.
How does Paraguay’s rating compare to other countries?
You can explore how Paraguay ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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