Fitch affirms Ecuador

Fitch Ratings said it affirmed the issuer default ratings and country ceiling for Ecuador as follows: foreign currency issuer default rating at B-; foreign currency short-term issuer default rating at B; and country ceiling at B-.

The outlook is maintained at stable.

The rating applies to global 2015 uncollateralized foreign currency bonds, and collateralized foreign currency par and discount Brady bonds, the agency said, noting that Ecuador's ratings balance comparatively stronger fiscal and external solvency indicators against a poor debt service track record, limited financing sources and high commodity dependence.

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