Fitch downgrades El Salvador, citing risks posed by its adoption of bitcoin as legal tender: Crypto Moves

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Thu, 2022-02-10 13:44

RIYADH: Fitch Ratings downgraded El Salvador further on Wednesday, citing risks from its adoption of bitcoin as a legal tender last year.

Fitch also said that “heightened financing risks stemming from increased reliance on short-term debt,” ahead of an $800 million global bond payment due next January also influenced its decision to cut the nation’s rating to CCC from B-, Bloomberg reported.

President Nayib Bukele’s unorthodox policies have increased the country’s perceived risks to investors and rating agencies.

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