The credit risk rating agency Fitch Ratings lowered on Thursday the sovereign note of The Savior to “CC” from “CCC”, highlighting its fragile liquidity position, which could be further weakened with an announced repurchase offer of bonds due in 2023 and 2025.
At the beginning of the week, the Salvadoran government launched the transaction for some 360 million dollars that will be financed with resources from the Special Drawing Rights (SDR) assigned by the International Monetary Fund and a credit with the Central American Bank for Economic Integration.
“El Salvador’s liquidity situation is dire,” Fitch said in a report.
The maturities of both papers add up to about 1,600 million dollars.
Since July, the authorities of the central american country reported their plans to carry out the operation seeking to send a reassuring message to the markets at a time when there were fears of default due to their fragile economic situation.
The Salvadoran Presidential House and the Ministry of Finance did not immediately respond to a request for comment.
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