Fitch Raises Ecuador’s Outlook

Fitch has changed the outlook on Ecuador’s B minus rating to positive from stable, it says. The agency notes GDP expansion of 8.0% in 2011 and government efforts to bring more private investment via the oil sector. Signs of willingness to repay debt and reengage the international markets could also be positive for ratings. “Ecuador’s ratings currently balance comparatively stronger fiscal and external solvency indicators against the sovereign’s weak debt service record, limited sources of financing and high commodity dependence,” Fitch says.