Asunción, Agencia IP.- Following the improvement in Paraguay’s credit rating outlook by Standard & Poor’s, the President of the Republic, Santiago Peña, expressed optimism that Paraguay will soon achieve investment grade status from the world’s three major credit rating agencies.

The President highlighted during a press conference that S&P Global Ratings’s upgrade from a stable to a positive outlook granted yesterday is a preliminary step toward obtaining investment-grade status.

«The report clearly explains the reasons behind this decision to improve the outlook and outline the path forward. I am incredibly optimistic about achieving investment-grade with this second credit rating agency,» the President remarked, referring to Standard & Poor’s.

In July of last year, Paraguay achieved investment-grade status as recognized by Moody’s. «Our goal is for the three credit rating agencies—S&P, Moody’s, and Fitch—to recognize and validate that Paraguay is a predictable, serious, and responsible country that implements sound economic policies and strengthens its institutions,» the President stated today.

He acknowledged that there is still much work to be done, as the processes required demand consistency in economic and social policies. Furthermore, it is necessary to «advocate for these results to be recognized,» he added.

«I have no doubt that if we stay on this path of pursuing reforms and fulfilling our commitments—achieving fiscal convergence and reducing the fiscal deficit—this will be fundamental in obtaining investment grade from the second rating agency, and I am certain the third will follow,» Peña said.

The President assured that his government will continue to honor its commitments to economic stability and growth policies. He confirmed that this year, the fiscal deficit will be reduced to 1.9% and that next year, after many years, the government will comply with the 1.5% fiscal deficit limit established by the Fiscal Responsibility Law.

«I have no doubts that the data Paraguay is presenting is strong and irrefutable,» Peña emphasized, noting that the country has the best economic indicators in the region and is meeting the necessary conditions for economic growth.

«We have stability and growth, and we must continue working to ensure that development becomes much broader,» he concluded.