Author: The Editorial Team

ACCRA (Capital Markets in Africa) — Moody’s Investors Service (“Moody’s”) has today affirmed the Government of Ghana’s long-term local and foreign currency issuer and foreign currency senior unsecured bond ratings at B3 and changed the outlook to negative from positive. Moody’s has concurrently affirmed the local and foreign currency senior unsecured MTN ratings at (P)B3 and the rating of the bond enhanced by a partial guarantee from the International Development Association (IDA, Aaa stable) at…

LAGOS (Capital Markets in Africa) – The International Monetary Fund projected Sub-Saharan Africa’s (SSA) real GDP to contract by 1.6% in 2020, down from its  growth forecast of 3.6% last October and following an expansion of 3.1% in 2019. It attributed the anticipated contraction to the adverse impact on production and demand of the measures that governments imposed to contain the spread of the coronavirus, to the spillovers from subdued economic activity worldwide, to tighter…

TUNIS (Capital Markets in Africa) — Moody’s Investors Service (“Moody’s”) has today placed the Government of Tunisia’s B2 issuer ratings on review for downgrade. Moody’s has also placed the Central Bank of Tunisia’s B2 senior unsecured rating and the (P)B2 senior unsecured MTN program and senior unsecured shelf ratings on review for downgrade. The Central Bank of Tunisia is legally responsible for the payments on all of the government’s bonds. These debt instruments are issued…

LAGOS (Capital Markets in Africa) – IHS Markit projected Algeria’s economic activity to contract by 5% in 2020 due to the imposition of restrictive measures to address the coronavirus pandemic, as well as to lower hydrocarbon exports. Also, it forecast the fiscal deficit to widen from 8% of GDP in 2019 to 10% of GDP in 2020, despite the government’s plan to reduce spending by 30% this year. It anticipated that the government is likely…