Fitch cuts Ecuador foreign currency

Fitch Ratings said it has downgraded Ecuador's long-term foreign currency issuer default rating to RD from CCC following the expiration of the grace period for the coupon payment on the 2012 global bonds that was due on Nov. 15 and the government's announcement that it will selectively default on all global bonds.

The short-term foreign currency rating was downgraded to D from C, the agency said, noting that the country ceiling remains at B-.

In addition, the following individual bond ratings are downgraded by Fitch: global 2012 & 2030 uncollateralized foreign currency bonds to C/RR5 from CCC-/RR5; global 2015 uncollateralized foreign currency bonds to CC/RR4 from CCC/RR4 and collateralized foreign currency par and discount Brady bonds to CCC-/RR3 from CCC+/RR3.

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