Fitch Ratings has downgraded El Salvador's Long-term (LT) Local Currency Issuer Default Rating (IDR) to 'RD' (Restricted Default) from 'B'/Negative.
From a report by Fitch Ratings:
Fitch Ratings-New York-10 April 2017: Fitch Ratings has downgraded El Salvador's Long-term (LT) Local Currency Issuer Default Rating (IDR) to 'RD' (Restricted Default) from 'B'/Negative. Fitch has also downgraded El Salvador's LT Foreign Currency IDR to 'CCC' from 'B'/Negative. El Salvador's senior unsecured foreign currency bonds are downgraded to 'CCC' from 'B'. The LT Local and Foreign Currency IDRs do not have an Outlook. The Country Ceiling is downgraded to 'B-' from 'BB-' and the Short-Term Local and Foreign Currency IDRs are downgraded to 'C' from 'B'.
The government has announced that it is working on a pre-design to build a sixth lane on the Los Chorros road, in the section between Santa Ana and Santa Tecla.
The Minister of Public Works, Gerson Martinez, explained to Elmundo.sv that"..."The idea is that we will work on a kilometer and a half in the area of El Poliedro, because there is a bottleneck there, when people join from Sonsonate and from Lourdes with the people from Santa Ana, therefore we would fix that and the other problem is in this zone (La Curva), therefore another kilometer will be added'."
Following a slight rebound in 2016, the arrival of ten cruisers from six foreign companies is expected in the 2017 season, with about 5,000 tourists on board.
In 2015 tourism authorities reported the arrival of 5 cruise ships during the season, a slight improvement compared to the figures of previous years, particularly the years 2013, 2014 and 2015, in which only one cruise was recorded each season.
In the first quarter of the year, family remittance revenues totaled $1,175 million, up $130 million and 12% compared to the same period in 2016.
From a report by the Central Bank:
Revenues from family remittances reached US $1,175.3 million in the first quarter of 2017 and exceeded by US $130.1 million the revenues received in the same period in the previous year, with a growth rate of 12.4%, making it the highest rate of growth achieved in the last eleven years, informed the Central Reserve Bank.
The Inter-American Commercial Arbitration Commission rejected the arguments put forward by the Costa Rican construction company, which demanded payment of $13 million for alleged overcharges incurred in a road works project within the Fomilenio project.
From the statement issued by the Attorney General:
Panama.The Attorney General's Office reports that a new international arbitration case has been won by the State of El Salvador, for thirteen million dollars, in a lawsuit filed against the FOMILENIO project.
Fitch changed its long term perspective rating from "stable" to "negative" for the banks Agricola, HSBC, and Scotiabank in El Salvador
The reason for this change is the current "negative" perspective for the sovereign rating for the Republic of El Salvador, which could affect the Issuer Default Rating for the long term for the three main banks in El Salvador in the case that the rating is reduced again in the country.
Officials are considering issuing bonds or taking loans to finance the expansion of AIES International Airport.
Guillermo López Suárez, president of CEPA, the Airports Authority, explained they need $25 million to fund the expansion, and that they must study priorities, as this transaction would increase the country's level of debt.
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