Fitch changes AES El Salvador view to negative

Fitch Ratings said it revised the outlook for AES El Salvador Trust II to negative from stable.

The outlook reflects El Salvador's sovereign outlook, which is due to a deterioration in debt sustainability metrics as a result of the widening of the fiscal deficit and economic contraction as well as financing constraints stemming from increased reliance on short-term debt and other issues, Fitch said.

About half the trust’s operating companies EBITDA comes from government subsidies, the agency said.

Fitch affirmed the B- ratings on the trust and its senior unsecured notes due 2023.

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