Fitch Rates Ecuador's USD750 Million Global Bonds 2020 'B'

NEW YORK--()--Fitch Ratings has assigned a 'B' rating to Ecuador's USD750 million global bond issuance maturing March 24, 2020. The bonds have a coupon rate of 10.5%.

The proceeds of the bonds will be used to finance government programs and infrastructure projects, in accordance with Ecuador's Public Planning and Finance Code.

KEY RATING DRIVERS

The rating is in line with Ecuador's long-term foreign currency Issuer Default Rating (IDR) of 'B' with a Stable Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in Ecuador's long-term foreign currency Issuer Default Rating (IDR). Fitch affirmed Ecuador's long-term foreign currency IDR at 'B' with a Stable Outlook on October 16th, 2014.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Sovereign Rating Methodology' (Aug. 12, 2014);

--'Country Ceilings' (Aug. 28, 2014).

Applicable Criteria and Related Research:

Sovereign Rating Methodology -- Effective 15 Aug 2011 to 13 Aug 2012

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648978

Country Ceilings

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=752194

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981656

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings, Inc.
Primary Analyst
Cesar Arias
Director
+1-212-908-0358
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Todd Martinez
Associate Director
+1-212-908-0897
or
Committee Chairperson
Ed Parker
Managing Director
+44 20 3530 1176
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings, Inc.
Primary Analyst
Cesar Arias
Director
+1-212-908-0358
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Todd Martinez
Associate Director
+1-212-908-0897
or
Committee Chairperson
Ed Parker
Managing Director
+44 20 3530 1176
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com