Fitch: El Salvador bonds at BB

Fitch Ratings said it assigned El Salvador's $653.5 million of bonds due Feb. 1, 2041 a BB rating.

The outlook is negative.

The rating is in line with El Salvador's long-term foreign currency issuer default rating of BB.

El Salvador's ratings reflect its comparatively weak GDP growth performance, narrow revenue base and fiscal rigidities, Fitch said.

The ratings also consider monetary stability underpinned by official dollarization, a good track record on structural reforms, a stable financial sector and continued access to multilateral financing support, Fitch said.

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