Fitch Rates Ecuador's 2022 USD1 Billion Bond 'B'

NEW YORK--()--Fitch Ratings has assigned a 'B' rating to Ecuador's USD1 billion 10.75% notes maturing in 2022.

The proceeds from this issuance will be used for general budgetary financing purposes.

KEY RATING DRIVERS

The bond rating is in line with Ecuador's Long-Term Foreign Currency Issuer Default Rating (IDR) of 'B'.

RATING SENSITIVITIES

The bond rating would be sensitive to any changes in the Ecuador's Long-Term Foreign Currency IDR.

On Oct. 2, 2015, Fitch affirmed Ecuador's Long-Term Foreign Currency IDR at 'B' and maintained the Stable Outlook.

Date of Relevant Rating Committee: Oct. 1, 2015

Additional information is available on www.fitchratings.com

Applicable Criteria

Sovereign Rating Criteria (pub. 18 Jul 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=885219

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1009459

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Contacts

Fitch Ratings
Primary Analyst
Richard Francis
Director
+1-212-908-0858
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Kelli Bissett-Tom
Associate Director
+1-212-908-0564
or
Committee Chairperson
Shelly Shetty
Senior Director
+1-212-908-0324
or
Media Relations
Elizabeth Fogerty
+1-212-908-0526
New York
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Richard Francis
Director
+1-212-908-0858
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Kelli Bissett-Tom
Associate Director
+1-212-908-0564
or
Committee Chairperson
Shelly Shetty
Senior Director
+1-212-908-0324
or
Media Relations
Elizabeth Fogerty
+1-212-908-0526
New York
elizabeth.fogerty@fitchratings.com