El Salvador
El Salvador’s credit rating was upgraded by S&P Global Ratings, which cited the government’s effort to rework its short-term, local debt obligations, Bloomberg reported. S&P raised the Central American nation’s debt rating to B- from CCC+ on Tuesday, putting it six levels into junk and on par with Ecuador and Nigeria. The outlook is stable. “The government’s recent program to gradually refinance its short-term debt with local banks will reduce rollover needs and mitigate the risk of a default over the next two years,” analysts led by Patricio Vimberg wrote.
Two New Yorkers who created a popular financial news show on Russian state television and cashed in on the crypto boom have emerged as key advisers to the Salvadoran government on its adoption of bitcoin, according to a WSJ Pro Bankruptcy analysis. Max Keiser and Stacy Herbert are also investing in bitcoin ventures in the Central American country and are founding backers of a crypto exchange that is helping manage El Salvador’s sovereign debt sale that is linked to bitcoin.