All of the ‘Big Three’ credit agencies have said that El Salvador’s adoption of bitcoin could affect the country’s credit rating in a negative manner. After both Moody’s and Fitch Ratings published reports on the matter in El Salvador, S&P Global said that the bitcoin adoption has had “immediate negative implications for its credit rating.”

S&P Global Joins Fitch Ratings, Moody’s Casting Criticism Down on Salvadoran Bitcoin Adoption

On August 17, 2021, News reported on Fitch Ratings detailing that El Salvador adopting bitcoin (BTC) as a legal currency may push the country toward “regulatory and operating risks.”

Moreover, Fitch said that the adoption of bitcoin would negatively affect the insurance system in the Latin American country. Fitch Ratings’ report in August followed Moody’s downgrade in June, after the ‘Big Three’ credit agency dropped the country to a Caa1 from a B3 rating and highlighted a “deterioration in the quality of policymaking.”

S&P Global seems to agree with…

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