S&P affirms Ecuador

Standard & Poor’s said it affirmed its B+ long-term and B short-term sovereign credit ratings on the Republic of Ecuador.

The outlook remains stable.

At the same time, S&P affirmed its B+ issue ratings and B+ transfer and convertibility assessment.

Prices for crude oil in spot and futures markets have fallen by about 60% since June 2014, leading S&P to revise down its oil price assumptions significantly over this period.

When S&P last reviewed Ecuador, in August 2014, S&P expected Brent oil prices to average $105 per barrel in 2015, $100 in 2016, and $95 in 2017 and beyond. S&P said it now assumes an average Brent oil price of $55 per barrel in 2015 and $70 in 2015-2018.

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