S&P Affirms Sovereign Rating for El Salvador

Standard & Poors maintained its sovereign debt ratings for El Salvador: “BB” for long-term and “B” for short-term.

Friday, January 29, 2010

The rating company also announced that the outlook remains stable.

In addition, Standard & Poor's affirmed the 'BB' senior unsecured debt rating, and the recovery rating of '3' and 'AAA' transfer and convertibility assessment are unchanged.

"El Salvador has been hard hit because of a significant pass-through from the global recession, especially from the U.S., its main trading partner and source of important family remittances," noted Standard & Poor's credit analyst Olga Kalinina. Falling consumption, lower investments, and lower exports resulted in a real GDP contraction of 3.3% in 2009. We expect that El Salvador's economic recovery will be only gradual, to 0.5% GDP growth in 2010 and 2% in 2011.



More on this topic

Standard & Poor's rates Nicaragua with B+

February 2016

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".

From a statement issued by the Central Bank of Nicaragua:

Costa Rica: Fitch Maintains Sovereign Rating

January 2016

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.

From a statement issued by Fitch Ratings:

Fitch Ratings-New York-20 January 2016: Fitch Ratings has affirmed Costa Rica's Long-term foreign- and local-currency IDRs at 'BB+'.

Fitch Upgrades Ccsta Rica to 'BB+'

March 2011

Fitch upgraded Foreign currency IDR to 'BB+' from 'BB'; Country ceiling to 'BBB-' from 'BB+'; Local currency IDR affirmed at 'BB+'; and Short-term IDR affirmed at 'B'. The Rating Outlook is Stable.

From the Fitch Report:

"The upgrade reflects Costa Rica's better than expected economic resilience during the global credit crisis, steadily improving macroeconomic stability underpinned by lower inflation and higher international liquidity as well as the country's relatively modest external indebtedness.

Quarterly Country Risk Report: June 2010

July 2010

Central American countries still need to improve their economic performance to reach investment grade ratings.

On its Quarterly Country Risk report for June 2010, the Central American Monetary Council (SECMCA), notes that Moody’s Investor Service improved the foreign currency risk ratings for Guatemala and Nicaragua.

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