Fitch Ratings has upgraded Ecuador's long-term foreign Issuer Default Ratings (IDR) to 'B' from 'B-'. The Rating Outlook has been revised to Stable from Positive. Fitch has affirmed the country's short-term foreign currency IDR at 'B'. Fitch has also upgraded the Country Ceiling to 'B' from 'B-'.
KEY RATING DRIVERS
Ecuador's upgrade reflects the country's continued healthy growth performance, monetary and financial stability underpinned by dollarization and a steady easing of external and fiscal financing risks as a result of still favorable international oil prices, improved prospects in the oil sector and continued availability of bilateral financing from China and multilaterals.