S&P elevates El Salvador

S&P said it raised its long- and short-term sovereign credit ratings on the Republic of El Salvador to B-/B from CCC+/C. The outlook is stable.

The AAA transfer and convertibility (T&C) assessment is unchanged.

“The upgrade reflects the Congressional approval of new external debt to cover the $800 million eurobond coming due in December 2019. The approval was in tandem with the 2019 budget approval, which includes additional financing requirements to comply with other debt maturities and interest payments,” S&P said in a news release.

“The upgrade also reflects our view that the correction to the general government deficits and the stabilization of El Salvador's debt level over the last two years will continue through 2021.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.