S&P lifts Ecuador

Standard & Poor's said it raised its long-term sovereign credit rating on the Republic of Ecuador to B- from CCC.

The short-term sovereign credit rating on the republic remains C, S&P said.

The outlook is stable.

According to S&P credit analyst Lisa Schineller, the rating action reflects diminished risk to timely servicing of Ecuador's $3.86 billion of outstanding global bonds over the coming year.

"The two-notch upgrade and stable outlook are underpinned by evidence of increased government pragmatism to meet debt service," said Schineller.

"This is coupled with higher government oil revenue stemming from greater-than-anticipated oil prices and the increased government take from oil production."

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