NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned a 'BB-' rating to Paraguay's USD1 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.
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'.