El Salvador Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
El Salvador	B3 Positive	B- Stable	B- Stable	NR —	NR —

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
El Salvador	Jan 07, 2025	Fitch	CC	—	B-	Stable
El Salvador	May 23, 2024	Moody's	Caa3	Stable	Caa1	Stable
El Salvador	Nov 07, 2023	S&P	CCC+	Stable	B-	Stable
El Salvador	May 10, 2023	S&P	SD	—	CCC+	Stable
El Salvador	May 09, 2023	S&P	CCC+	Negative	SD	—
El Salvador	Feb 03, 2023	Moody's	Caa1	Negative	Caa3	Stable
El Salvador	Sep 15, 2022	Fitch	CCC	—	CC	—
El Salvador	Jun 01, 2022	S&P	B-	Negative	CCC+	Negative
El Salvador	Feb 09, 2022	Fitch	B-	Negative	CCC	—
El Salvador	Oct 21, 2021	S&P	B-	Stable	B-	Negative
El Salvador	Jul 30, 2021	Moody's	B3	Negative	Caa1	Negative
El Salvador	Feb 05, 2021	Moody's	B3	Under Review	B3	Negative
El Salvador	Nov 16, 2020	Moody's	B3	Positive	B3	Under Review
El Salvador	Apr 30, 2020	Fitch	B-	Stable	B-	Negative
El Salvador	Mar 12, 2020	Moody's	B3	Stable	B3	Positive
El Salvador	Dec 28, 2018	S&P	CCC+	Positive	B-	Stable
El Salvador	Feb 23, 2018	Moody's	Caa1	Stable	B3	Stable
El Salvador	Dec 14, 2017	S&P	CCC+	Stable	CCC+	Positive
El Salvador	Oct 06, 2017	Fitch	CCC	—	B-	Stable
El Salvador	Oct 03, 2017	S&P	SD	—	CCC+	Stable

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CC	CC
Extremely Speculative Grade			C	CC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

FAQ

What is El Salvador’s current credit rating?

El Salvador’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view El Salvador’s credit risk.

Has El Salvador’s credit rating changed recently?

This page lists the latest rating and outlook actions for El Salvador, showing when each agency last reviewed or changed its assessment.

Why does El Salvador’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence El Salvador's bond yields, currency, and equity flows as investors reassess risk.

How does El Salvador’s rating compare to other countries?

You can explore how El Salvador ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.