By Ovunc Kutlu
ISTANBUL (AA) - Fitch Ratings said Tuesday that it affirmed Ecuador's long-term foreign currency issuer default rating at CCC+.
The rating agency said Ecuador's ratings reflect the country's "fairly" high per-capita income, current account surpluses, and multilateral financing that support external liquidity and mitigate macro stability risks.
These factors, however, are balanced by a "poor debt-repayment" record, continued political and policy uncertainties, constraints on government financing, and weak economic growth prospects.
Fitch said it expects the South American country's fiscal deficit to fall to 3.4% of GDP this year, from 5.3% last year.
Ecuador is estimated to show a GDP growth of 0.2% this year, down from 2.4% in 2023, it added.
The agency noted that it typically does not assign outlooks to sovereigns with a rating of 'CCC+' or below.