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Bond Market News
Ecuador Upgraded to B- by Fitch
February 26, 2026
Ecuador was upgraded by a notch to B- from CCC+ by Fitch. The upgrade reflects a meaningful improvement in liquidity conditions and financing flexibility after the sovereign regained access to international capital markets. In January 2026, the government issued $4bn in dollar bonds after a gap of 6 years and used part of the proceeds to repurchase nearly $3bn of outstanding notes while securing about $1bn for budget financing. This reduced rollover risk and lowered external debt service by roughly $1.4bn over the next five years, while boosting cash buffers to about $2.7bn, Fitch noted. Authorities also implemented politically sensitive fiscal measures, including eliminating a long-standing diesel subsidy and maintaining earlier tax increases, while social unrest remained contained. According to Fitch, Ecuador’s public debt remains moderate at about 51% of GDP. Ecuador continues to benefit from IMF support under its EFF program, although meeting future targets may be challenging, the rating agency added. Strong non-oil exports generated a record current-account surplus near 6% of GDP and rising reserves.
Ecuador’s bonds were broadly stable. For instance, it’s 8.75% 2034s was at 101.25, yielding 8.53%.
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