How does Guatemala's rating compare with Costa Rica, Colombia, Brazil and Paraguay?

At the close of 2025 (Moody's / S&P / Fitch): Costa Rica Ba2 stable / BB stable / BB positive; Colombia Baa3 stable / BB negative / BB stable; Brazil Ba1 stable / BB stable / BB stable;… Paraguay Baa3 stable / BBB- stable / BB+ positive;… Guatemala Ba1 stable / BB+ stable / BB+ stable (Fitch upgraded to BB+ on Oct 14, 2025, before the close of 2025). Guatemala does not appear in the original table from Paraguay's Ministry of Finance (MEF), which covers sovereigns with more liquid market debt. The reading: it rates level with or above Brazil, Colombia and Costa Rica at one agency or more, on a lower public debt-to-GDP ratio.