Fitch affirms El Salvador

Fitch Ratings said it affirms El Salvador's foreign- and local-currency issuer default ratings at BB+, short-term issuer default rating at B and country ceiling at BBB-.

The outlook is stable.

Ratings are supported by a stable monetary and economic environment, a good record on structural reforms, a manageable public-sector debt burden and stronger governance indicators than its peers, the agency said.

Ratings are constrained by relatively modest growth rates compared with the BB median, structural weaknesses in public finances, Fitch said, as well as weak social indicators and high crime rates, which detract from sustained investment and growth.

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