Ecuador Plans Swap

Ecuador plans to swap bonds maturing in a year or less for new securities due in 2012 and may seek to renegotiate all its debt to cut borrowing costs. Standard & Poor’s yesterday reduced Ecuador’s credit rating one level to CCC+, the lowest in South America, on concern the country may have difficulty refinancing domestic debt and luring international investors. More than $800 million of Ecuador’s sovereign debt comes due this year.