Moody’s lifts El Salvador to B3

Moody's Investors Service said it upgraded the Government of El Salvador's long-term issuer and senior unsecured debt ratings to B3 from Caa1.

The outlook remains stable.

Moody’s said the key factors driving the upgrade are: (a) Significantly reduced government liquidity risks as political agreements have led to legislative assembly approval of long-term government financing and pension reform; and (b) materially diminished risk that political brinkmanship would lead to missed debt payments.

The agency also raised the long-term foreign-currency bond ceiling and the long-term foreign-currency deposit ceiling to B1 from B2.

The short-term foreign currency bond and deposit ceilings are unchanged at Not Prime.

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