March 26, 2020
S&P Global Ratings said on Wednesday that it cut Ecuador's long-term sovereign ratings to CCC- with a negative outlook, following the recent plunge in oil prices and the government's announcement that it would postpone debt payments.
S&P also said it downgraded the short-term sovereign ratings to C, "reflecting that a default, distressed exchange, or redemption appears inevitable within six months."
The Ecuadorian government announced on Monday that it would delay roughly $200 million in
Rating agency says default "appears inevitable" within six months