Rating compared 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 14-Oct-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; its row was assembled from the rating sources in the dossier. 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.

The research is written in English; quoted figures, source names and the titles of legal instruments stay in the language their source published them in.