The Editorial Team |

Moody’s Cuts Zambia Deeper Into Junk on Higher Default Risk

LUSAKA (Capital Markets in Africa) – Moody’s Investors Service has cut its assessment of Zambia’s debt deep into junk territory citing a rising probability of default. Moody’s downgraded the southern African nation’s long-term foreign-debt rating to Caa2 — the fourth-lowest junk assessment — from Caa1 and reduced the outlook to negative, it said in an emailed statement Thursday. The higher risk of a default “reflects increasing credit challenges stemming from rising debt levels,” exacerbated by…

Investors Have a Wish List as Ramaphosa Picks His Ministers

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JOHANNESBURG (Capital Markets in Africa) – South African equity investors got the election result they wanted, more or less. Now they’re hoping President Cyril Ramaphosa will follow up by choosing a team of competent ministers that’s lean and free of the taint of scandal. Ramaphosa is expected to announce his cabinet within the next few days and the early signs have encouraged investors: former Environment Minister Nomvula Mokonyane, accused of taking bribes, has already been ruled out. The…

Old Mutual Suspends CEO Moyo Over `Breakdown in Trust’

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. suspended Chief Executive Officer Peter Moyo over what its directors called a “material breakdown in trust and confidence.” The insurer’s board, chaired by former Finance Minister Trevor Manuel, made the announcement hours before the 174-year-old company’s annual meeting with shareholders in Johannesburg without disclosing anything about alleged misbehavior. Chief Operating Officer Iain Williamson will serve as acting CEO. In a letter to shareholders, the company said the dispute stemmed…

Secrecy, Suspicion and Stumbles Catch Up With Theresa May

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LONDON (Capital Markets in Africa) – The British prime minister’s alienation of her party, parliament and European leaders put her on the wrong road to Brexit deliverance Theresa May was dealt a poor hand when she became prime minister, and proceeded to play it very badly. Perhaps no leader in 2016 could have satisfied British expectations of Brexit. Advocates of leaving the European Union had made many promises about the benefits, and been deliberately vague on the details. But…

AB InBev Sees Africa Investment Rising After $200 Million Outlay

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JOHANNESBURG (Capital Markets in Africa) – Anheuser-Busch InBev NV sees further African investment after spending about $200 million on the continent since the world’s largest brewer bought SABMiller in 2016, according to Chief Executive Officer Carlos Brito. AB Inbev, based in Leuven in Belgium, has invested the bulk of that money in South Africa and Nigeria, Brito told reporters in Johannesburg on Wednesday. That includes a new brewery near Lagos, the commercial capital of Africa’s…

Beyond May—The Tory Rivals Jostling to Be U.K. Prime Minister

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LONDON (Capital Markets in Africa) – Prime Minister Theresa May’s decision to step down on June 7 has fired the starting gun for a Conservative Party leadership race that could redefine Britain’s exit from the European Union. Here’s a look at some of the possible candidates in what could be a bitter and dramatic contest. Boris Johnson—The Favorite Boris Johnson, or “Boris” as he’s known to just about everyone in politics, as a child wanted to be…

Ivory Coast Seeks Banks to Sell Euro-Denominated

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ABIDJAN (Capital Markets in Afrioca) – Ivory Coast is requesting proposals from banks to issue as much as 500 million euros ($557 million) in foreign bonds to refinance more expensive debt, according to people familiar with the matter. The world’s top cocoa grower, which budgeted to raise 1.44 trillion CFA francs ($2.5 billion) of debt in 2019, wants to redeem some of its euro-denominated securities, said the people, who asked not to be identified because they’re…

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