Fitch: Ecuador 2006 - Fitch Issues Report on Ecuador Sovereign Ratings

Fitch Ratings-New York-04 January 2006: Fitch Ratings has today issued a report titled, 'Ecuador 2006: Political Risk and Tight Financing', available on the Fitch web site, 'www.fitchratings.com'. According to the author, Morgan C. Harting, Senior Director and lead sovereign analyst for Ecuador, 'tight liquidity, uncertain financing, and political risk will leave the government with little margin to maneuver to avoid payment irregularities this year.' The Rating Outlook on Ecuador's 'B-' Issuer Default Rating (IDR) is Negative. 'With expectations for slower growth in 2006 and the potential for tighter international capital markets conditions, the balance of risk is on the downside,' said Harting. 'The Negative Outlook may therefore be maintained through the October elections or until prospects for fiscal financing become clearer.' Contact: Morgan C. Harting, CFA +1-212-908-0820 or Roger M. Scher +1-212-908-0240, New York. Media Relations: Christopher Kimble, New York, Tel: +1 212-908-0226. Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.