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BRIEF-S&P says Republic of El Salvador long-term sovereign credit ratings lowered to 'CCC-' from 'B-
April 12, 2017 / 12:57 AM / 5 months ago

BRIEF-S&P says Republic of El Salvador long-term sovereign credit ratings lowered to 'CCC-' from 'B-

April 11 (Reuters) -

* S&P - Republic Of El Salvador long-term sovereign credit ratings lowered to ‘CCC-’ from ‘B-'; ratings on creditwatch negative

* S&P on El Salvador - lowered the short-term foreign- and local-currency sovereign credit ratings to ‘c’ from ‘b’

* S&P on El Salvador - project that current account deficit is likely to exceed 5 percent of GDP in next three years, contributing to weaker external liquidity

* S&P on El Salvador - expect that foreign direct investment may decline from its already modest levels due to continued political stalemate

* S&P on El Salvador - estimate that gross external financing needs will exceed 100 percent of current account receipts and usable reserves in next couple of years

* S&P on El Salvador - net general government debt is likely to surpass 60% of gdp in 2017-2019

* S&P on El Salvador - expected gdp real growth to remain around 1.3 percent for 2017-2020

* S&P - deteriorating political environment continues to erode El Salvador's credit quality Source text : bit.ly/2o2MT0V

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