Ecuador Upgraded, Faces Financing Block

Ecuador Upgraded, Faces Financing Block


S&P has upgraded Ecuador’s long-term sovereign credit rating to CCC+ from SD, after the sovereign announced that its reverse Dutch auction has had a preliminary 91% overall acceptance rate. The outlook is stable. S&P also raised its senior unsecured debt rating on Ecuador's Global 2015 notes to CCC+ from C. In addition, it raised the recovery rating on this issue to 4 from 5, indicating an expected recovery of 30%-50% in any future bond restructuring. The untendered Global 2012 and Globa

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