Moody’s rates El Salvador bond Ba3

Moody's Investors Service said it assigned a rating of Ba3 to the $800 million global bond issued on Sept. 11 by the government of El Salvador with a scheduled maturity date in 2027.

The Ba3 rating assigned to the bond is at the same level as the long-term foreign-currency issuer rating of the Government of El Salvador.

Moody’s said El Salvador's Ba3 rating incorporates the country's low economic strength, reflected by the small scale of the economy (GDP: $24 billion; Ba median: $45 billion), moderate GDP per capita ($7,500 PPP basis versus Ba median: $6,500) and limited diversification.

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