Fitch assigns B to Ecuador bond

Fitch Ratings said it assigned a B rating to Ecuador's $3 billion 7 7/8% notes maturing Jan. 23, 2028.

Proceeds will be used in accordance with local laws for government programs, infrastructure projects or to refinance existing debt obligations on more favorable terms.

The bond rating is aligned with Ecuador's B long-term foreign currency issuer default rating, the agency explained.

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