Friday, October 18, 2013

Fitch Upgrades Ecuador to 'B'; Outlook Stable Fri, Oct 18, 2013

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-'. 


  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. 

  Fitch forecasts that growth could reach 3.8% in 2013 and 4.2% in 2014-2015, broadly in line with rating peers. Public expenditure, especially investment, is likely to remain as the driver of growth over the forecast more:

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