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Strategies & Market Trends : Stocks Crossing The 13 Week Moving Average <$10.01

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To: Jibacoa who wrote (8706)	5/9/2001 4:40:05 PM
From: BW	Read Replies (1) of 13094

Some news on Ecuador. NEW YORK (Standard & Poor's CreditWire) May 9, 2001 --Standard & Poor's today affirmed its sovereign credit ratings on the Republic of Ecuador. The republic's long-term local and foreign currency sovereign credit ratings were affirmed at triple-'C'-plus, the short-term local and foreign currency sovereign credit ratings at single-'C'. The negative outlook remains unchanged amid continued uncertainty about the legal standing of the increase in Ecuador's value added tax (VAT) to 14% and the Stand-by Program with the International Monetary Fund (IMF). Reflecting a weakened congressional commitment to fiscal adjustment, Standard & Poor's downgraded Ecuador's ratings on April 2, 2001. Despite two attempts by Congress to override President Gustavo Noboa's partial veto, most members of Congress remain firmly against implementation of the VAT increase. Standard & Poor's expects the government to enact the 14% VAT, but also expects challenges to be filed with the Constitutional Court. Uncertainty over the legal standing of last night's vote and the court's ruling underpin the negative outlook. The outlook could revert to stable once this uncertainty is resolved and assuming the IMF program remains on track. Ecuador's ratings could be lowered further if the government's fiscal position continues to deteriorate or if there is a public break with its official creditors, Standard & Poor's said.-CreditWire. (END) DOW JONES NEWS 05 -09 -01 Boyd

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