RATING ACTION COMMENTARY Fitch Af�rms El Salvador's LT Instruments at 'B-'; Assigns Recovery Rating of 'RR4'; Removes UCO Fri 21 Nov, 2025 - 11:00 a. m. ET Fitch Ratings - Mexico City - 21 Nov 2025: Fitch Ratings has af�rmed El Salvador's Long- Term debt...
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RATING ACTION COMMENTARY Fitch Af�rms El Salvador's LT Instruments at 'B-'; Assigns Recovery Rating of 'RR4'; Removes UCO Fri 21 Nov, 2025 - 11:00 a. m. ET Fitch Ratings - Mexico City - 21 Nov 2025: Fitch Ratings has af�rmed El Salvador's Long- Term debt ratings at 'B-' and assigned a Recovery Rating of 'RR4', following the removal of the ratings from Under Criteria Observation (UCO). The rating actions re�ect the application of Fitch's new Sovereign Rating Criteria (September 2025) and the inclusion of recovery assumptions into sovereign debt ratings for the �rst time. KEY RATING DRIVERS The senior unsecured long-term debt ratings are equalized with El Salvador's Long-Term (LT) Foreign Currency (FC) Issuer Default Ratings (IDR), re�ecting Fitch's expectation of average recovery prospects in a default scenario, given El Salvador's relatively high levels of debt (general government debt/GDP of 87% at YE 2024) and the absence of any other clearly identi�able criteria factors that would c
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