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Standard & Poor's Ratings Services lowers El Salvador because of political wrangles

Tuesday, January 18, 2011

Standard & Poor's Ratings Services lowered its rating on El Salvador a notch deeper into junk territory, saying political uncertainty is harming investment, reform and its economic and fiscal prospects.

S&P, which downgraded the country to BB- with a stable outlook, noted a "growing and more evident divide" between President Mauricio Funes and El Salvador's governing party, Farabundo Marti National Liberation or FMNL.

Funes has resisted the more radical elements of FMLN's agenda, which has rankled party hardliners.

Original source: Dow Jones