Fitch changes Ecuador view to negative

Fitch Ratings said it revised Ecuador's outlook to negative from stable and affirmed its long-term foreign and local currency issuer default ratings at B-.

“The negative outlook on Ecuador's rating reflects Ecuador's relatively large fiscal financing needs for 2019-2020 and the sovereign's uncertain access to funding sources in the context of tighter global financing conditions,” Fitch said in a news release.

“A faster fiscal consolidation to reduce the funding gap is difficult and uncertain, especially as it could bring additional challenges for Ecuador's economic and political outlook.”

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