Fitch rates El Salvador 2052 bonds B-

Fitch Ratings said it assigned a B- rating to El Salvador’s $1 billion of 9½% bonds maturing July 15, 2052.

Proceeds will be used for general budgetary purposes and funding the Fondo de Emergencia y de Recuperacion y Reconstruccion Economica, the national fund aimed at addressing the government’s Covid-19 relief and recovery efforts.

Proceeds will also be used for the creation of a trust for the economic recovery of enterprises registered as employers with the Social Security Institute and informal enterprises and industries that were affected by the pandemic and the related shutdown, Fitch said.

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