S&P downgrades Nicaragua

S&P said it lowered its long-term foreign and local currency sovereign credit ratings on Nicaragua to B- from B. The outlook is negative.

At the same time, S&P affirmed its B short-term sovereign credit ratings. S&P also lowered its transfer and convertibility (T&C) assessment to B- from B+.

“The negative outlook reflects the risk of further deterioration in Nicaragua's fiscal and debt profiles and in its banking system due to persistent economic contraction and greater difficulties in obtaining foreign exchange financing,” S&P said in a news release.

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