Fitch cuts Ecuador, assigns B- local rating

Fitch Ratings said it downgraded Ecuador's long-term foreign currency issuer default rating to B- from B.

The outlook was revised to stable from negative.

Additionally, Fitch assigned the sovereign a B- long-term local currency issuer default rating with a stable outlook and a B short-term local currency issuer default rating.

“The downgrade of Ecuador's long-term foreign currency issuer default rating to B- reflects evidence of increased fiscal financing constraints amidst a steady deterioration of Ecuador's key metrics, including rapidly rising government debt and interest burden as well as weaker economic growth performance relative to the B median,” the agency said in a news release.

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