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Ecuador Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Caa1 Stable | B- Stable | B- Stable | NR — | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Feb 25, 2026 | Fitch | CCC+ | — | B- | Stable | |
| Jan 26, 2026 | Moody's | Caa3 | Stable | Caa1 | Stable | |
| Aug 20, 2025 | S&P | B- | Negative | B- | Stable | |
| Jan 11, 2024 | S&P | B- | Stable | B- | Negative | |
| Aug 16, 2023 | Fitch | B- | Negative | CCC+ | — | |
| May 23, 2023 | Fitch | B- | Stable | B- | Negative | |
| Feb 26, 2021 | Moody's | Caa3 | Negative | Caa3 | Stable | |
| Sep 03, 2020 | Fitch | RD | — | B- | Stable | |
| Sep 01, 2020 | S&P | SD | — | B- | Stable | |
| Apr 20, 2020 | Fitch | C | — | RD | — | |
| Apr 13, 2020 | S&P | CCC- | Negative Watch | SD | — | |
| Apr 09, 2020 | Fitch | CC | — | C | — | |
| Apr 03, 2020 | Moody's | Caa1 | Stable | Caa3 | Negative | |
| Mar 25, 2020 | S&P | B- | Stable | CCC- | Negative Watch | |
| Mar 24, 2020 | Fitch | CCC | — | CC | — | |
| Mar 19, 2020 | Fitch | B- | Stable | CCC | — | |
| Feb 06, 2020 | Moody's | B3 | Negative | Caa1 | Stable | |
| Aug 21, 2019 | Fitch | B- | Negative | B- | Stable | |
| Jan 10, 2019 | Fitch | B- | Stable | B- | Negative | |
| Dec 12, 2018 | Moody's | B3 | Stable | B3 | Negative |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Ecuador’s current credit rating?
Ecuador’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Ecuador’s credit risk.
Has Ecuador’s credit rating changed recently?
This page lists the latest rating and outlook actions for Ecuador, showing when each agency last reviewed or changed its assessment.
Why does Ecuador’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Ecuador's bond yields, currency, and equity flows as investors reassess risk.
How does Ecuador’s rating compare to other countries?
You can explore how Ecuador ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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