Fitch assigns B to Ecuador notes

Fitch Ratings said it assigned a B rating to Ecuador's $2.5 billion 8 7/8% notes maturing Oct. 23, 2027.

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

Fitch said the bond rating is in line with the Ecuador's long-term foreign currency issuer default rating of B.

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