S&P upgrades El Salvador

S&P upgrades El Salvador

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Economy & Policy

S&P Global Ratings has upgraded El Salvador’s long-term rating to B- from CCC+, following congressional approval of its refinancing plans, the credit rating agency said in a report.  On December 21, the Salvadoran Congress approved the nation’s 2019 budget plan that calls for $6.713bn in spending and allows the sovereign to issue $1.297bn in bonds to refinance a Eurobond maturing in December, 2019 and fund additional expenditures.   The credit rating agency said the new budget is a further s

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