September 14, 2012
Citing solid sources of funding and a track record of payments since a
Citing solid sources of funding and a track record of payments since a 2008 default, Moody's has raised Ecuador's credit rating to Caa1 from Caa2. The agency sees economic and fiscal indicators that compare favorably to medians for Ecuador's sovereign peers, most of whom are B rated, as well as new external funding from China and other sources. Moody's also notes Ecuador's highly external creditor base and oil sector dependence among current challenges. The outlook is stable.