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Fitch lifts AES El Salvador Trust II
Fitch Ratings said it upgraded the long-term foreign and local currency issuer default ratings on AES El Salvador Trust II to B- from CCC.
The actions affect $310 million notes due 2023, also rated B-/RR4.
The outlook is stable.
Fitch said the upgrade follows the rating actions on El Salvador's long-term foreign currency issuer default rating in the wake of the restructuring of its local pension fund debt.
In light of the distressed debt exchange, as per the agency’s methodology, the country's local currency issuer default rating was downgraded to RD. Subsequently, both the local currency and the foreign currency issuer default ratings of the country were upgraded to B-.
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