March 25, 2020 / 6:34 PM / 6 days ago

BRIEF-S&P Says Ecuador Ratings Lowered To 'CCC-/C'

March 25 (Reuters) -

* S&P SAYS ECUADOR RATINGS LOWERED TO ‘CCC-/C’ AND PLACED ON CREDITWATCH NEGATIVE ON RISKS TO DEBT SERVICE

* S&P SAYS ECUADOR’S LARGE BUDGETARY FINANCING NEEDS HAVE BEEN EXACERBATED BY PLUNGE IN OIL PRICES & NEGATIVE ECONOMIC IMPACT OF COVID-19 PANDEMIC

* S&P SAYS LOWERING LONG- AND SHORT-TERM SOVEREIGN CREDIT RATINGS ON ECUADOR TO ‘CCC-/C’ FROM ‘B-/B’

* S&P SAYS RATINGS ON ECUADOR CONSTRAINED BY ELEVATED FINANCING NEEDS, EXTERNAL VULNERABILITIES, WEAK INSTITUTIONS, RELATIVELY LOW WEALTH LEVELS Source text: bit.ly/2WHs4x3

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