Ecuador

NEW DEVELOPMENTS

August 16, 2023
Fitch Downgrades Ecuador's Long-Term Issuer Default Rating from B- to CCC+.

June 16, 2021
EMTA Issues CAC’s Primer and Compendium on a Proposed New York State Bill.

November 4, 2020
S.D.N.Y. Denies Securities Fraud TRO And Upholds Ecuador’s Use Of Collective Action Clauses In Sovereign Debt Restructuring - Cleary Gottlieb Memorandum.

October 28, 2020
Market Practice Recommendation for Ecuador Brady Bonds Due 2025.

September 16, 2020
EMTA Webinar: Ecuador's Election and Post-Restructuring Outlook. Learn more.

September 1, 2020
S&P Global Ratings Upgrades Ecuador’s Foreign-Currency Sovereign Credit Rating from SD to B-.

July 20, 2020
Ecuador Bondholder Groups Reject Consent Solicitation.

July 13, 2020
Ecuador Bondholder Groups Release Revised Terms.

July 10, 2020
Ecuador Bondholders Respond to Released Terms.

June 8, 2020
Holders of Ecuador 2024 Notes Form Ad Hoc Group to Advocate for Creditor Rights and
Further Constructive Engagement.

June 4, 2020
Ecuador Bondholders Announce Organization.

April 19, 2020
Market Practice Recommendation for Ecuador Bonds.

April 13, 2020
S&P Global Ratings Downgrades Ecuador’s Long-Term Sovereign Credit Rating from CCC- to SD.

April 8, 2020
The Republic of Ecuador Announces Commencement of Consent Solicitations.

March 27, 2020
Market Practice Recommendation for Ecuador Bonds During the Grace Period.

March 25, 2020
S&P Global Ratings Downgrades Ecuador’s Long-Term Sovereign Credit Rating from B- to CCC-.

March 24, 2020
Fitch Ratings Downgrades Ecuador's Long-Term Foreign Currency Issuer Default Rating from CCC to CC.

June 29, 2017
S&P Global Ratings Downgrades Ecuador’s Long-Term Foreign Currency Sovereign Credit Rating from B to B-.

December 19, 2014
Moody's Upgrades Ecuador's Issuer Rating from Caa1 to B3.

August 20, 2014
Standard & Poor's Upgrades Ecuador’s Long-Term Sovereign Credit Rating from B to B+.

June 7, 2012
Standard & Poor's Upgrades Ecuador’s Long-Term Sovereign Rating from B- to B.

February 1, 2011
Moody's Upgrades Ecuador's Government Bond Rating from Caa3 to Caa2.

November 5, 2010
Fitch Upgrades Ecuador’s Foreign-Currency Issuer Default Rating from CCC to B-.

August 2, 2010	Standard & Poor’s Upgrades Ecuador’s Long-Term Sovereign Credit Rating from CCC+ to B-.
November 4, 2009	Ecuador Italian Tender Offer Press Release for 2012 and 2030 Bonds: English, Italian, Spanish and Communiqué Required by Consob and Published in Sole 24 Ore.
June 15, 2009	Standard & Poor's Upgrades Ecuador's Long-Term Sovereign Credit Rating to CCC+ from SD.
June 12, 2009	Ecuador Press Release Regarding Results of its Tender Offer.
May 26, 2009	Ecuador Communiqué regarding the Clearing Price for the 2012 and 2030 Bonds.
May 12, 2009	Ecuador Communiqué regarding the Tender Offer.
May 11, 2009	EMTA Special Presentation “Ecuador’s Tender Offer” in NYC on May 29, 2009. CLICK HERE.
May 7, 2009	Bingham McCutchen Letter regarding Ecuador Bondholder Call on May 8.
May 6, 2009	Final Report of the Integral Auditing of the Ecuadorian Debt.
April 30, 2009	Communiqué from the Minister of Finance of the Republic of Ecuador: English and Spanish versions.
April 24, 2009	Ecuador Tender Offer: Felix Salmon Commentary and Ecuador Minister of Finance Letter.
April 20, 2009	Announcements Relating to Ecuador: Ecuador Tender Offer, Press Release (and Spanish Version) and Key Contacts for the Information Agent; Trustee Information Notice to Bondholders and Milbank Tweed Newsletter.
March 16, 2009	Ecuador Trustee Notice for 2012 Bonds and 2030 Bonds.
February 13, 2009	Republic of Ecuador - Disclosure Request.
January 30, 2009	Market Practice for Ecuador 2015 Bonds.
January 29, 2009	Ecuador Notice Regarding New Record and Payment Dates for Ecuador 2015 Bonds.
January 16, 2009	Trustee Notice Regarding Payment and Record Dates for Ecuador 2015 Bonds.
January 15, 2009	Market Practice for Ecuador 2015 Bonds.
January 13, 2009	EMTA Confirms Flat Trading for Ecuador 2015 Bonds on Trades Entered Into Through the Close of Business on January 15, 2009.
January 6, 2009	ISDA 2009 Ecuador CDS Protocol.
December 24, 2008	Trustee Notice to Ecuador Bondholders.
December 22, 2008	Republic of Ecuador Uniform Settlement Agreement (ISDA).
December 17, 2008	ISDA to Publish Protocol for Ecuador.
December 16, 2008	Fitch Downgrades Ecuador’s Long-Term Sovereign Credit Rating to RD from CCC.
	Moody's Downgrades Ecuador's Government Bond Rating from Caa1 to Ca.
December 15, 2008	Ecuador Commission Report (in Spanish).
	Standard & Poor’s Downgrades Ecuador’s Long-Term and Short-Term Sovereign Credit Ratings to SD from CCC- and C, Respectively.
December 14, 2008	Market Practice for Ecuador Bonds.
November 14, 2008	Statement Issued by Ecuadorian Ministry of Finance Concerning Global Bond Issues (in Spanish).
	Standard & Poor's Downgrades Ecuador's Long-Term Sovereign Credit Rating from B- to CCC-.
	Moody's Downgrades Ecuador's Sovereign Rating from B3 to Caa1.
	Market Practice for Ecuador 2012 Bonds.
March 20, 2008	Moody's Upgrades Ecuador's Foreign Currency Government Bond Rating from Caa2 to B3.
November 21, 2007	Standard & Poor's Upgrades Ecuador's Long-Term Sovereign Credit Rating from CCC to B-.
February 14, 2007	Press Release from Ecuadorian Ministry of Finance Confirming Interest Payment on 2030 Bonds.
February 13, 2007	"Ecuador's Poor Will Restructure Emerging Market Debt" - Adam Lerrick (American Enterprise Institute).
February 12, 2007	Market Practice for Ecuador 2030 Bonds.
January 30, 2007	Moody's Downgrades Ecuador's Sovereign Rating from Caa1 to Caa2.
January 23, 2007	Fitch Downgrades Ecuador's Long-Term Foreign Currency Rating from B- to CCC.
January 19, 2007	Standard & Poor's Downgrades Ecuador's Long-Term Sovereign Credit Rating from CCC+ to CCC.
April 10, 2006	Ecuador to Partially Redeem 2012 Bonds - Fiscal Agent Notice; April 28 Record Date.
March 29, 2006	EM Sovereign Bond Charts for Ecuador and Macedonia.
April 21, 2005	Market Reacts to Ouster of Ecuador's President Lucio Gutierrez. Commentary from CSFB, Goldman Sachs, JP Morgan, Merrill Lynch and Morgan Stanley.
May 23, 2003	EM Sovereign Bond Documentation Charts for Brazil, Mexico and South Africa, as well as for 2000 Ecuador and Russia.
March 8, 2002	The Slide Presentation Made by Paris Club Officials at a Meeting with Private Sector Representatives Is Available at http://www.clubdeparis.org/rep_upload/presentationcomplete0.pdf.
June 12, 2001	Revised Payment Schedule for Ecuador Bonds.
August 23, 2000	Transfer Certificates for Transfers Between the Reg S and 144A Branches of Russia and Ecuador Bonds Now Available.
August 22, 2000	Salomon Smith Barney, as a Co-Deal Manager for the Ecuador Exchange, Confirms to EMTA Allocations of the 2012 Bonds: With Respect to Elections Made to Receive 2012 Bonds in Lieu of 2030 Bonds, Eurobond and IE Holders will Receive 100% of the 2012 Bonds Requested; PDI Holders will Receive 62.9% of the 2012 Bonds Requested; and Par and Discount Holders will not Receive any 2012 Bonds Requested. WI Trades of Ecuador Bonds Should Settle on August 28, 2000 with 5 Days of Accrued Interest from August 23, 2000 to August 28, 2000.
August 18, 2000	Market Practices Now Available for (1) Negative Accrued Period Claims for Russia Prin Trades, (2) Participation Deliveries for Russia Prin Trades and (3) Failed Deliveries of Russia Bonds Prior to the Expiration Date of the Russia Restructuring Offer and Failed Deliveries of Ecuador Bonds Prior to the Expiration Date of the Ecuador Exchange Offer.
August 14, 2000	EMTA Has Confirmed that Holders of More than 85% of Ecuador's Outstanding Brady Bonds and Eurobonds Have Accepted Ecuador's Proposal to Swap Such Debt for New 12- and 30-Year Eurobonds. The Bond Exchange is Expected to Close on August 23, 2000.
August 11, 2000	Revised Draft Market Practices for Failed Trades of IANs and Ecuador Bonds, and Draft Market Practices for Claims in Respect of Russia Assignment or Participation Trades Settled During the 'Negative Accrued Period' and Delivery Obligations under Existing Russia Participations are being Distributed for Comment. Please contact Aviva Werner with any comments ASAP.
August 9, 2000	At the Request of EMTA and Certain Bondholders, the Republic of Ecuador Has Extended the Deadline for its Exchange Offer of New Eurobond Debt for Existing Brady and Eurobond Debt Until Friday, August 11, 2000 at 5:00 pm New York Time. The Results of the Offer are Still Expected to be Released on August 14, 2000 and the Closing is Still Foreseen for August 23, 2000. EMTA Had Requested the Extension in Order to Allow for Additional Processing Time.
August 8, 2000	Draft EMTA Market Practice for Failed Trades of Russian IANs and Ecuador Bonds Distributed for Comment. Please contact Aviva Werner with any comments ASAP since the Market Practice is expected to be finalized no later than August 11, 2000.
August 7, 2000	WI Confirmation Forms and Bilateral Netting Agreement for Ecuador Global Bonds Now Available.
August 3, 2000	EMTA Recommends that W/I Trading in Ecuador 2030 and 2012 Bonds Begins Friday, August 4. Market Practice for W/I trading in Ecuador 2030 and 2012 Bonds.
July 27, 2000	Bondholders Interested in Obtaining a Copy of the Ecuador Term Sheet are Advised to Contact Their Salesperson at Salomon Smith Barney or J.P. Morgan.
June 29, 2000	Fiscal Agent Announces Ecuador Discount Bond Record and Payment Dates, as well as the Interest Rate and Amount of Interest Payable, in respect of the August 28, 1999 Interest Payment Date.
June 26, 2000	The Fiscal Agent for Ecuador Discount Bonds Confirmed that 25% of Discount Bondholders have Voted to Release the Collateral for the August 28, 1999 Interest Payment. The Record and Payment Dates have not yet been Determined. EMTA has Contacted the Fiscal Agent and Ecuador's Counsel for Further Information.
May 19, 2000	Ecuador Creditors Advisory Group Posts Procedure and Notices to Draw Down Rolling Interest Guaranty on Ecuador Discount and Par Bonds: ECAG Cover Memorandum. Discount Bond Notice. Par Bond Notice.
May 16, 2000	EMTA Receives Copies of Economic Information on Ecuador and the IMF's Statement for Presentation at May 16, 2000 Meeting in New York City: Cover Letter. Statement by the IMF Representative at the Meeting with Private Creditors. Ecuador: Medium-term Macroeconomic Framework. Ecuador: Summary Balance of Payments 1999-2005. Ecuador: Service on Public Sector External Debt. Ecuador: External Financing Requirements, 1998-2000 Ecuador: External Debt 1996-1999.
May 9, 2000	Ecuador Presentation on May 16, 2000/Time Change.
May 5, 2000	Ecuador Makes a Presentation to Bondholders on May 16, 2000.
October 5, 1999	Market Practice for the pricing of Ecuador PDI Bonds.
October 1, 1999	Market Practice for the trading of Ecuador Brady Bonds and Eurobonds.
March 2, 1995	Market Practices for pricing and settlement of Ecuador PDI Bonds.
May 29, 1994	Market Practices for the payment of Ecuador interest to buyers after the settlement date.
October 1992	Market Practices for Ecuador Debt Instruments.