El Salvador downgraded by Moody's

El Salvador’s sovereign debt rating was downgraded to B1 from Ba3 by Moody’s Investors Service on Thursday and my be cut further as the government struggles to control a rising debt burden.

The country’s debt-to-GDP-ratio will surpass 60 percent by the end of the year, Moody’s said, and economic growth of 2 percent means the government must "implement aggressive fiscal consolidation measures involving both revenues and expenditures" to stabilize debt levels.

Source: Bloomberg