Fitch affirms El Salvador

Fitch Ratings said it affirmed El Salvador's foreign- and local-currency issuer default ratings at BB and foreign-currency short-term issuer default rating at B.

Fitch revised the outlook to stable from negative.

The outlook revision reflects the government's progress in terms of fiscal consolidation efforts, the expected broad stabilization of public debt burden as well as its strong commitment to comply with the precautionary IMF Stand-by agreement, which should deliver further fiscal consolidation in 2011, the agency said.

Financing constraints have been materially reduced over the past two years due to liability management and the government enjoys continued strong support from multilaterals, the agency added.

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