“The government has been in extended discussions with the IMF for nearly a year for a possible USD 1.3 billion three-year program; however, there are important differences between the two sides in many key areas, in Fitch's view,” Fitch said. “A deal would help cover the government's financing gap and likely unlock other multilateral loans. It would also help provide more clarity on the government's medium-term fiscal strategy.
The downgrade announcement comes shortly after El Salvador’s finance minister Alejandro Zelaya told viewers of a local television program that theHowever, Fitch raised concerns about the uncertainty of external financing sources, including the bitcoin bonds. “There is a high degree of uncertainty surrounding other sources of external financing, such as additional multilateral funding, given doubts surrounding an IMF program, as well as the capacity to issue ‘bitcoin-backed bonds’ through new distribution channels,” Fitch wrote. It also called rates in the external bond markets “prohibitive.”is considered “speculative grade,” which indicates a higher level of credit risk than “investment grade” ratings. A CCC rating signals “substantial credit risk.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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