Fitch affirms El Salvador

Fitch Ratings said it affirmed El Salvador's foreign- and local-currency issuer default ratings at BB+, short-term issuer default rating at B and country ceiling at BBB-.

The outlook is stable.

The agency said El Salvador's ratings are supported by its macroeconomic stability, relatively low public sector debt burden and good record for structural reforms, including the implementation of a free trade agreement with the United States.

El Salvador's ratings are constrained by the country's weak social indicators, including a high crime rate, by its relatively weak public finances and by a relatively modest, albeit improving, growth performance, Fitch said.

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