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Fitch Ratings: El Salvador Budget, Debt Approval Supportive of Credit

El Salvador's passage of its 2019 budget and legislative approval for new external bond issuance to cover a USD800mn bond due this December are important steps to mitigating short-term political risks to fiscal stability and debt rollover risks, says Fitch Ratings. However, a looming presidential election cycle in February (and March if no candidate wins over 50%) will be key for future economic policy direction and medium-term governability.  [...]