Fitch cuts AES El Salvador

Fitch Ratings said it downgraded AES El Salvador Trust II's (AESL) long-term foreign- and local-currency issuer default ratings to CCC+ from B- and lowered AESL's senior unsecured notes due 2023 to CCC+/RR4 from B-/RR4.

“The downgrade reflects the downgrade of El Salvador's sovereign rating to CCC and also incorporates the utility sector's growth and resiliency. Fitch views AESL's credit metrics as fundamentally strong and consistent with a higher rating category, but the rating is limited by its operating environment,” the agency said in a press release.

The outlook is stable.

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