August 10, 2020 |
S&P Global Ratings said it would soon bring Ecuador's sovereign credit rating above selective default, but that ratings would probably remain between CCC and a low B due to economic, political and social weaknesses.
On Monday, Ecuador's creditors agreed to restructure $17.4 billion worth of foreign-law bonds. Ecuador now plans to swap 10 series of bonds that mature between 2022 and 2030 for new notes that come due in 2030, 2035, and 2040 by August 7.
The uncertainty over oil prices, a main
S&P says it could upgrade the sovereign once new bonds are issued