Fitch Ratings maintained Paraguay’s sovereign rating at BB+ with a positive outlook. According to the Ministry of Economy and Finance, the agency again highlighted the country’s record of prudent macroeconomic policies, low public debt and strong external liquidity.
Growth, debt and external liquidity
The review notes that real GDP grew 6.6% in 2025, up from 4.7% in 2024, and projects 4.5% growth for 2026 before moderating toward around 4.0%. Central Government debt stood at 36.1% of GDP in 2025, below the 51.6% median for BB-rated sovereigns.
What investors should take from it
Fitch also maintained Paraguay’s Country Ceiling at BBB-, one notch above the foreign-currency sovereign rating. For the private sector, this assessment indicates a low probability of exchange or capital restrictions that could hinder conversion of local currency or transfers abroad to meet obligations.
What to watch next: Paraguay already holds investment-grade ratings from Moody’s, Baa3 with a stable outlook, and S&P Global Ratings, BBB- with a stable outlook. Fitch remains one notch below. For Radar Investment, the key question is whether Paraguay can turn the positive outlook into an actual upgrade while maintaining macroeconomic discipline, fiscal progress and execution of reforms and investment projects.
Source: MEF — Fitch Ratings keeps Paraguay at BB+ with a positive outlook, September 30, 2026Source: MEF — Moody’s affirms Paraguay at Baa3 with a stable outlook, July 17, 2026