Fitch changes outlook for El Salvador to negative
Fitch Ratings has revised the Rating Outlook on El Salvador's long-term foreign and local currency Issuer Default Ratings (IDRs) to Negative from Stable.
Tuesday, October 14, 2008
The ratings are as follows:
Central American countries still need to improve their economic performance to reach investment grade ratings.
The agency has maintained its BB + rating with a negative outlook but again warned about the high fiscal deficit and the difficulties the country faces in passing a tax reform bill.
Basing its decision on the progress being made in the economy in fiscal matters, Moody's has raised the outlook rating from positive to stable.
The sovereign rating B + with stable outlook is based on the "economic performance, low debt burden of the government, political stability and partnership between government and the private sector through dialogue".
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