El Salvador gets a downgrade from Fitch as the credit agency is concerned about nayibbukele's plan to issue bitcoin-backed bond. By thesamreynolds
El Salvador's President Nayib Bukele has downgraded El Salvador’s long term foreign currency issuer default rating to ‘CCC’ from ‘B-’ weeks before the country starts issuing its bitcoin bond.
The South American nation faces close to $1.2 billion in external debt amortizations in 2023, with $800 million due in January, Fitch noted. Fitch also said that the country faces a financing gap of $1.2 billion in 2022, which would rise to $2.5 billion in 2023.
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