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Fitch lowers El Salvador to BB-
Fitch Ratings said it downgraded El Salvador's long-term foreign and local currency issuer default ratings to BB- from BB and maintained the negative outlook.
In addition, the agency downgraded El Salvador's country ceiling to BB+ from BBB- and affirmed the short-term foreign currency rating at B.
Fitch said the downgrade reflects El Salvador's sustained macroeconomic underperformance relative to peers and protracted high fiscal deficits that have resulted in a debt to GDP of 56.7% of GDP in 2012, well above the 39% for the BB median.
The negative outlook reflects continued uncertainty over growth and fiscal consolidation prospects in the coming years, the agency said.
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