The Editorial Team |

Moody’s affirms Angola Ba2 ratings, changes outlook to negative

London, 03 March 2015 — Moody’s Investors Service has today affirmed Angola’s Ba2 government bond rating and changed the rating outlook to negative from stable. The short term ratings remain unchanged at Not Prime. Key drivers for today’s decision include: The rating affirmation at Ba2 is supported by Angola’s intrinsic economic strength and the government’s financial buffers. The negative rating outlook is driven by the downside risks stemming from the oil price decline to economic…

Bank of Botswana says Inflationary Outlook Positive

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Interest rates are expected to remain favourable as inflation outlook remains positive and economists are predicting an accommodative monetary policy. Bank of Botswana states in the Monetary Policy statement released on Tuesday March 3 that given the global and domestic economic outlook and inflationary trends, inflation is expected to remain within the 3 – 6 per cent objective range in the short to medium term. Global outlook forecast for this year is forecast at 3.5…

Egypt’s cabinet approves long-awaited investment law

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CAIRO (Reuters) – Egypt’s cabinet approved a long-awaited draft law on investment on Wednesday, aimed at making deals less vulnerable to legal disputes or changes in government, and reducing stifling bureaucracy. The government is seeking to address foreign business concerns before an investment conference in Sharm el-Sheikh set for mid-March, when Egypt hopes to secure domestic and foreign investment of up to $12 billion (7.8 billion pounds). Announcing the new law, Prime Minister Ibrahim Mehleb…

Moody’s change Banco Angolano de Investimentos’ Ba3 deposit ratings to negative from stable

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Limassol, March 04, 2015 — Moody’s Investors Service has today changed the outlook to negative from stable on the Ba3 deposit ratings of Banco Angolano de Investimentos, S.A. Concurrently, Moody’s affirmed the bank’s Ba3 deposit ratings and E+ standalone bank financial strength rating (BFSR), which is equivalent to a b1 baseline credit assessment. The E+ BFSR maintains a stable outlook. The rating action on Banco Angolano de Investimentos follows the change in the outlook to…

Oil producer Afren defaults on 2016 bonds

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March 4 (Reuters) – Debt-laden oil producer Afren Plc has defaulted on its 2016 bonds after declining to make a $15 million interest payment in order to preserve cash pending completion of a review of its capital structure. The company said any restructuring or additional funding deal with bondholders could result in the issue of new equity, which would “substantially dilute the interests of the company’s current shareholders”. Afren’s shares fell as much as 50…

Egypt Walks a Fine Line With Interest Rate Strategy

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In January, the cash-strapped Arab state surprised the market with interest-rate cuts aimed at stimulating the troubled economy. At its latest monetary policy meeting the central bank again caused surprise, but this time it was by keeping rates steady. Analysts had expected a different decision. In a note published ahead of the central bank meeting last week Emirates NBD, Dubai’s biggest bank, noted that Egypt’s core consumer price index had dropped to nearly a two-year…

Fitch says South Africa’s budget highlights deficit challenges

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Fitch director for sovereigns Carmen Altenkirch said the rating agency had previously highlighted that weak economic growth and a failure to boost potential growth were a negative rating trigger. The outlook for public finances would form an important part of Fitch’s next scheduled review of SA’s sovereign ratings on June 5, the agency said on Thursday. Ms Altenkirch said Fitch’s sovereign credit rating for SA of BBB with a negative outlook recognised economic growth and…

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