Fitch downgrades El Salvador

Fitch Ratings said it downgraded El Salvador's long-term foreign-currency issuer default rating to CC from CCC. The agency does not assign outlooks to sovereigns with a rating of CCC+ or below. Fitch also removed the long-term IDR from under criteria observation.

“The downgrade of El Salvador to CC reflects Fitch's view that El Salvador's tight fiscal and external liquidity positions and extremely constrained market access amid high fiscal financing needs and a large $800 million external bond maturity in January 2023 make default of some sort probable,” the agency said in a press release.

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