Moody's downgrades El Salvador

Moody's downgrades El Salvador

Credit Ratings Downgrade Moody's Investors Service Economy & Policy Bonds Debt Fixed Income Capital Markets El Salvador Central America

Moody's has downgraded El Salvador's foreign-currency debt ratings by two notches to Caa3 with a negative outlook, citing the "increased probability" of a restructuring, distressed exchange or even a default. "[T]he sovereign faces a challenging debt amortization schedule with bond maturities in 2023 and 2025 in a context of continued funding stress and persistently high financing needs," Moody's said in a report on Wednesday. "The downgrade incorporates Moody's expectation of high material loss

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