Fitch downgrades El Salvador's debt credit rating to CC from CCC

According to CoinDesk, the rating agency Fitch downgraded El Salvador's long-term foreign currency issuer default rating (IDR) from "CCC" to "CC", Fitch said that El Salvador may default on debt due in early 2023. El Salvador's fiscal and external liquidity positions are tight and market access is severely constrained amid high fiscal financing needs and an external bond maturity of USD 800 million in January 2023, making certain level of breach of contract. Foresight News previously reported that in February this year, Fitch downgraded El Salvador's long-term foreign currency issuer default rating (IDR) to "CCC" from "B-".