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To: Zincman who wrote (72786)	1/25/2007 1:06:52 PM
From: Proud Deplorable	Respond to of 313137

environmentalists meeting in S America stockhouse.ca and this: NEW YORK, Jan 23 (Reuters) - Fitch Ratings on Tuesday downgraded Ecuador's long-term foreign currency debt to "CCC" from "B-", saying that a debt default by the Andean country is a real possibility in the near term. Fitch said the ratings cut is based on pronouncements by government authorities expressing a high likelihood that they will seek a debt exchange. This implies a material loss to bondholders -- which would be considered an event of default by Fitch -- or will fail to make timely debt service payments in full. Fitch also cut Ecuador's par and discount Brady bonds to "CCC+" from "B" and the short-term foreign currency debt to "C" from "B." The agency affirmed the country ceiling rating at "B-" and placed the bonds on credit watch negative.