Uruguay vs Paraguay
Two sovereigns, nine shared metrics, one spread gap.
Head to head
| Uruguay | Paraguay | |
|---|---|---|
| BT-SFS score | 72.4 | 52.6 |
| Composite rating | BBB+ | BBB− |
| Fiscal pillar | 46.7 | 70.2 |
| External pillar | 76.7 | 48.9 |
| Macro pillar | 71.3 | 78.4 |
| Institutions pillar | 100.0 | 14.6 |
| Benchmark bond | URUGUA 5.75 34 | PARGUY 6.1 44 |
| Spread over Treasuries | 80 bps | 174 bps |
| Yield to worst | 4.95% | 5.89% |
| Duration | 6.1y | 10.7y |
Metric by metric
| Metric | Uruguay | Paraguay |
|---|---|---|
| Current account / GDP | -0.8% (60.4) | -3.0% (31.3) |
| International reserves, months of imports | 7.7 mo (88.9) | 5.6 mo (62.2) |
| General government debt / GDP | 66.8% (37.5) | 37.8% (79.2) |
| Interest expense / revenue | 8.1% (70.8) | 9.4% (62.5) |
| Primary balance / GDP | -1.5% (29.2) | 0.4% (68.8) |
| WGI institutional composite | 1.06 (100.0) | -0.65 (14.6) |
| Real GDP growth | 1.8% (16.7) | 4.2% (78.1) |
| GDP per capita, USD | $27,608 (87.5) | $9,372 (50.0) |
| Inflation stress | 4.0% (100.0) | 3.3% (100.0) |
Frequently asked questions
Who has stronger fundamentals, Uruguay or Paraguay?
Uruguay scores higher on the BT Sovereign Fundamentals Score: 72.4 (Uruguay) vs 52.6 (Paraguay), a gap of 19.8 points.
Whose USD bonds trade wider, Uruguay or Paraguay?
Paraguay trades wider: 80 bps (Uruguay) vs 174 bps (Paraguay) over US Treasuries — a 94 bps gap on near-5-year USD benchmarks.
Related
- Uruguay — full Uruguay profile: pillars, metrics, history.
- Paraguay — full Paraguay profile: pillars, metrics, history.
- All sovereigns ranked on the Sovereign Signal hub.
- BT-SFS methodology paper — how the scores are built.