S&P cuts Ecuador to CCC-

S&P cuts Ecuador to CCC-

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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

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