April 20, 2017 / 8:20 PM / 9 months ago

BRIEF-S&P says Republic of El Salvador sovereign credit ratings lowered to 'SD' from 'CCC-'

April 20 (Reuters) - S&P:

* Republic Of El Salvador sovereign credit ratings lowered to ‘SD’ on missed pension debt payments

* Says lowering to ‘SD’ from ‘CCC-’ our long-term foreign currency and local currency sovereign credit ratings of El Salvador

* Says affirming El Salvador’s issue credit rating on the foreign currency senior unsecured debt at ‘CCC-’

* Lowered El Salvador issuer credit ratings to ‘SD’ because government did not make missed payments during 5 business days that S&P imputes grace period

* Says affirmed El Salvador’s existing issue credit ratings on foreign currency senior unsecured debt at ‘CCC-’ because the debt is not in default

* Says removed El Salvador’s ratings from creditwatch with negative implications

* T&C assessment remains 'AAA' because expect El Salvador to continue to use U.S. dollar as its currency Source text : bit.ly/2pIaSrm

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