Fitch rates El Salvador bonds BB+

Fitch Ratings said it assigned a rating of BB+ to the $375 million of 30-year global bonds issued by the government of El Salvador.

The outlook is stable and reflects the government's attempt to reverse the fiscal deterioration observed during 2001-2002, the agency said.

Fitch said the ratings are underpinned by the country's monetary stability, a good past track record on structural reforms and a modest public sector debt burden of just over 40% of GDP.

A big challenge facing El Salvador is to foster higher growth, the agency added.

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