News Column

Fitch Rates Paraguay's USD1 Billion 2044 Bonds 'BB-'

August 7, 2014



NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has assigned a 'BB-' rating to Paraguay'sUSD1 billion bonds maturing Aug. 11, 2044. The bonds have a coupon rate of 6.1%.

The net proceeds from the issuance of the bonds will be used to finance infrastructure and energy projects, as well as to provide support to certain sectors of the economy.

KEY RATING DRIVERS

The rating is in line with Paraguay's long-term foreign currency Issuer Default Rating (IDR) of 'BB-' with a Positive Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Paraguay's long-term foreign currency IDR. On Jan. 31, 2014, Fitch affirmed Paraguay's long-term foreign currency IDR at 'BB-' and revised the Outlook to Positive from Stable.

Additional information is available at 'www.fitchratings.com'.

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=846535

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Primary Analyst

Santiago Mosquera

Director

+1-212 908 0271

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Secondary Analyst

Cesar Arias

Director

+1-212-908-0358

or

Committee Chairperson

Richard Fox

Senior Director

+44-20-3530-1444

or

Media Relations

Elizabeth Fogerty, New York, +1 212-908-0526

elizabeth.fogerty@fitchratings.com

Source: Fitch Ratings


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