S&P affirms El Salvador

Standard & Poor's said it affirmed its BB-/B local- and foreign-currency sovereign credit ratings on the Republic of El Salvador. The outlook is stable.

S&P's transfer and convertibility assessment on El Salvador is unchanged at AAA. The agency said it affirmed the recovery rating on the country's bonds at 3.

"The ratings on El Salvador reflect the antagonistic political environment in El Salvador, characterized by a highly polarized Congress and difficult relations between the executive and legislative government branches. This political atmosphere leads to decision-making delays and increased uncertainty about future policy flexibility," said S&P credit analyst Olga Kalinina in a news release.

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