S&P upgrades Ecuador

Standard & Poor’s said it raised the long-term sovereign credit ratings on Ecuador to B+ from B.

The agency also said it affirmed the B short-term issuer credit ratings on Ecuador and raised the transfer and convertibility assessment to B+ from B.

The outlook is stable.

The agency said it raised the ratings as a result of the government’s greater fiscal flexibility, better external liquidity position and the improving investment climate in the country.

Over the past two years, the government has shown greater signs of pragmatism with efforts to attract foreign direct investment in the oil and mining sectors, S&P said.

These efforts are likely to improve the government’s balance of payments position as well as underpin economic growth prospects, the agency said.

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