Fitch ups Ecuador

Fitch Ratings said it upgraded Ecuador's foreign-currency issuer default rating to B- from CCC, short-term foreign-currency issuer default rating to B from C and global 2015 uncollateralized foreign-currency bonds to B- from CCC.

The agency also said it affirmed the country ceiling at B- and the collateralized foreign-currency Par and discount Brady bonds at B-.

The upgrade reflects the easing of near-term liquidity and financing constraints for Ecuador due to the recovery in international oil prices and increased bilateral lending, Fitch said.

Ecuador's creditworthiness balances moderate levels of public and external debt and the country's relatively high income and human development levels against demonstrated weak willingness to service debt, the agency said, as well as the sovereign's fragile payment capacity.

The ratings also are constrained by limited transparency and disclosure of public finances information, the agency said.

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