Fitch Downgraded El Salvador’s Rating Citing Bitcoin Adoption RisksAmerican credit rating agency Fitch Ratings revealed downgrading El Salvador’s long-term foreign currency Issuer Default Rating to ‘CCC’ from ‘B-.’
It also pointed out the limited scope of the country’s domestic market financing as well as uncertain access to additional multilateral funding and external market financing considering high borrowing costs. Increased concerns with respect to debt sustainability due to the expected increase in GDP next year after modest improvement in 2021 is yet another factor.
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