S&P Global Ratings has warned that El Salvador’s adoption of bitcoin as legal tender is burdened by risk and will have a negative impact the country’s credit rating. “The risks associated with the adoption of bitcoin as legal tender in El Salvador seem to outweigh its potential benefits. There are immediate negative implications for credit, and wide usage of bitcoin is unlikely,” S&P Global wrote in a tweet Friday. The largest of the Big Three rating agencies, S&P currently rates El Salvador at B- with a “stable” outlook. Competitor Moody’s downgraded the Central American country’s rating to Caa1 in July, in part due to uncertainty around the International Monetary Fund’s (IMF) provision of a fresh round of financing to El Salvador after it adopted bitcoin as a legal currency, alongside the U.S. dollar. “The negative outlook on the Caa1 rating reflects Moody’s view that the fiscal position remains vulnerable and …