Moody’s Downgrades El Salvador’s Debt, The First Country To Adopt Bitcoin

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Financial services company Moody’s Corporation (NYSE:MCO) downgraded El Salvador’s debt rating by two notches, from “Caa3” to “Caa1”, due to a higher probability of default. El Salvador became the first country in the world to adopt bitcoin (BTC) as a legal tender. DowngradeQ1 2022 hedge fund letters, conferences and more According to the media outlet, the rating agency fears large material losses for investors, given the upcoming bond repayments, since El Salvador currently has a debt or non-payment of $800 million, which expires in 2023. With the adoption of BTC as legal tender, El Salvador …

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