Fitch Claims El Salvador’s Bitcoin Adoption Strongly Hinders IMFs Upcoming Finance Plans

Fitch Ratings, one of the big three credit ratings agencies, has downgraded El Salvador’s long-term issuer default rating (IDR). Fitch now rates El Salvador’s debt repayment capacity at CCC, a step lower from B on the firm’s scale. It cites uncertainty created by the Central American country’s adoption of Bitcoin as legal tender to be the major reason for the slide down the rating scale.