Ecuador Gets a B

Ecuador Gets a B

Ecuador Corporate & Sovereign Strategy

Fitch has upgraded Ecuador’s foreign currency issuer default rating to B minus from CCC, with a stable outlook, because of increased bilateral lending and a decrease in financing constraints due to the recovery of international oil prices. Loan agreements with China worth $2.6bn and financing from the social security agency have provided Ecuador with resources for budgetary support and infrastructure spending, says Fitch. However, the upgrade did affect spreads in the secondary bond market, with

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