El Salvador has just received an upgrade in its Fitch rating, following the nation's historic deal with the International Monetary Fund. The news comes after President Bukele continues to add Bitcoin to El Salvador's reserves.
According to a report by local Salvadoran media on January 7, the country's Fitch rating has been upgraded from ‘CCC+’ to ‘B-’. This new score places El Salvador ahead of several major Latin American economies, including Argentina and Bolivia.
The driving force behind this upgrade is the previously reported IMF deal on November 19. At the time, El Salvador and the International Fund agreed on a $1.4 Billion loan to be distributed over 40 months, with the intention of reducing the nation's debt.
The two parties arrived at this agreement after President Bukele agreed to pivot from some of the country's crypto developments, including a concession to allow private businesses to choose whether or not they accept Bitcoin as payment.
El Salvador Continues To Buy Bitcoin
Despite the IMF agreement, President Bukele has not ceased to add Bitcoin to El Salvador's reserves. According to the live tracker, El Salvador added another 22 BTC on December 20, totaling over $2 million in value.
El Salvador now holds over $572 million in BTC, making it the sixth-largest Bitcoin reserve by a Nation. The nation also recently welcomed Bitfinex as the crypto firm received a DASP license in the nation, a story you may read more about here.
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