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Fitch lowers Ecuador
Fitch Ratings said it downgraded Ecuador's long-term foreign currency issuer default rating to C from CC.
The C rating reflects Fitch's view that a sovereign default of some kind is imminent following the consent solicitation made by the Ecuadorian government to defer external bond payments while it pursues a comprehensive restructuring, the agency said.
A deferment in payments, if agreed to by bondholders, would constitute a distressed debt exchange in Fitch's view.
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