Moody's lifts Ecuador

Moody's Investors Service said it upgraded Ecuador's long-term government bond rating to Caa1 from Caa2.

The outlook remains stable to reflect a balance between key credit strengths and challenges for Ecuador's credit profile.

Moody's also raised Ecuador's foreign-currency deposit ceiling to Caa2 from Caa3.

The country's foreign-currency bond ceiling remains at B3.

Moody's said the one-notch upgrade is based on economic and fiscal indicators that compare favorably to medians for Ecuador's sovereign peers, most of whom are B-rated; the government's capacity to secure access to new external financing in the wake of its 2008 default; and a track record of repayment on all of its debt since the last default.

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