Credit | - Part 2

Angola | Moody’s downgrades Angola’s rating to B1 with negative outlook

Luanda, Angola, Capital Market in Africa — Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured debt ratings of the Government of Angola to B1 from Ba2 and assigned a negative outlook. The short-term issuer ratings have been affirmed at Not-Prime (NP). The key drivers of the downgrade are: The government’s financial position and the country’s external position have deteriorated sharply due to the shock stemming from the structural downward shift in…

Botswana | Moody’s affirms Botswana’s A2 government bond rating; outlook stable

Posted on by The Editorial Team

Gaborone, Botswana, Capital Markets in Africa — Moody’s Investors Service (“Moody’s”) has today affirmed Botswana’s A2 long-term issuer and senior unsecured debt ratings. The outlook remains stable. Moody’s analyzed Botswana’s credit profile in the context of the commodity price shock and its impact on the country’s economic and fiscal strength. The affirmation reflects Moody’s view that despite pressure on some of the country’s credit metrics, the challenges that the current external environment poses for the…

Moody’s downgrades Zambia’s issuer rating to B3 with negative outlook

Posted on by The Editorial Team

Lusaka, Zambia, Capital Markets in Africa — Moody’s Investors Service (Moody’s) has today downgraded Zambia’s long-term issuer rating to B3 from B2 and changed the outlook to negative from stable. The downgrade on the issuer rating was driven by: Greater-than-anticipated fiscal slippages in 2016 leading to material liquidity pressures and significant challenges to finance the budget deficit; The prospects of further deterioration in Zambia’s debt matrix in a lower growth environment, with the government debt likely…

Mozambique Rating Downgrade by S&P, Moody’s on Debt Swap

Posted on by The Editorial Team

MAPUTO, Mozambique, Capital Markets in Africa — Mozambique’s credit rating was downgraded by Standard & Poor’s and Moody’s Investors Service because a proposed restructuring of about $700 million of bonds issued by a state-owned Tuna-fishing company could be equivalent to a default, according to the firms. S&P’s rating for the south-east African nation was lowered to CC, 10 levels below investment grade, from B-, the company said in a press statement released on Tuesday. While Moody’s…

Moody’s place South Africa’s Banks, Old Mutual, Eskom on review for downgrade

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa — Moody’s Investors Service placed on review for downgrade the Baa2 long-term deposit and senior debt ratings of the five largest South African banks: Standard Bank of South Africa, FirstRand Bank Limited, ABSA Bank Limited, Nedbank Limited, and Invective Bank Ltd. The rating agency has also placed on review for downgrade Standard Bank Group’s Baa3 issuer rating. It also placed the Baa3 senior debt rating of Old Mutual…

Moody’s places South Africa’s Baa2 ratings on review for downgrade

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa — Moody’s Investors Service has today placed the Baa2 bond and issuer ratings of the government of South Africa on review for downgrade. Also placed on review for downgrade were South Africa’s (P)Baa2/(P)P-2 shelf and MTN program ratings. The decision to place the ratings on review was prompted by the continuing rise in risks to the country’s medium-term economic prospects and to its fiscal strength, notwithstanding the tighter…

Angola’s Credit Rating Downgraded by S&P After Oil Price Drop, Stable Outlook

Posted on by The Editorial Team

Luanda, Angola, Capital Markets in Africa — Standard & Poor’s Ratings Services lowered its long-term foreign and local currency sovereign credit ratings on the Republic of Angola to ‘B+/B’ from ‘BB-/B’ with stable outlook. Also, S&P lowered Angola’s transfer and convertibility assessment to ‘B+’ from ‘BB-‘. Standard & Poor’s downgraded Angola’s credit rating to B after a decline in oil prices curbed government revenue. This downgrade putting the nation’s debt five levels below investment grade….

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