waltermasoni
Caribbean Trader
Republic of El Salvador Long-Term Rating Raised To 'B-' On Debt Refinancing Approval; Outlook Is Stable
RATINGS
Foreign Currency: B-/Stable/B
Local Currency: B-/Stable/B
For further details see Ratings List.
OVERVIEW
- 28-Dec-2018 13:10 EST
RATINGS
Foreign Currency: B-/Stable/B
Local Currency: B-/Stable/B
For further details see Ratings List.
OVERVIEW
- El Salvador's Congress approved the issuance of new external debt to
cover the payment of the eurobond due in December 2019. - El Salvador's debt trajectory has stabilized following lower fiscal
deficits that we expect to remain over the next three years. However,
limited monetary flexibility, a weak economy, and a damaged debt payment
culture constrain the ratings. - We are raising our sovereign credit ratings on the Republic of El
Salvador to 'B-/B' from 'CCC+/C'. - The stable outlook reflects our expectation of consistently moderate
fiscal deficits and stable debt levels in next three years.