FINANCE · CREDIT RATINGS · 11 November 2026 · Radar Inversión
S&P Global Ratings affirmed Paraguay's Development Finance Agency (AFD) at BB+ on 9 November but revised the outlook from positive to stable. AFD announced the assessment on 10 November. The rating itself was not downgraded; what changed was the assessment of its future direction.
What supports the rating
According to AFD's announcement, S&P cited the agency's capital position, sovereign backing, protections associated with loans channelled through intermediary financial institutions, and alternative funding sources including multilateral facilities. The agency said S&P did not foresee liquidity pressure from upcoming bond maturities.
Why the outlook changed
AFD links the shift to recent developments in Paraguay's banking system rather than to a reported deterioration of its own financial fundamentals. As a second-tier development bank, AFD finances eligible activities through banks and other intermediaries. The release does not announce suspended programmes, increased borrower rates or lost market access.
Radar analysis | What businesses should monitor
Companies considering machinery purchases or long-term projects should monitor the actual availability, rates and maturities of AFD-backed credit at participating lenders. A stable outlook is not an already-imposed restriction on credit. Its practical consequences will be visible in funding terms, intermediary offers and disbursement trends. A rating outlook is a risk signal, not proof that lending conditions have already changed.
Primary source: AFD, 10 November 2026.
