Economy | - Part 76

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

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….

IMF Cuts South Africa’s and Nigeria’s Economic Growth Forecast for 2016

Posted on by The Editorial Team

LONDON, Capital Markets in Africa — The International Monetary Fund (IMF) recently published the latest update to its world economic outlook. The document is tagged “Subdued Demand, Diminished Prospects”. In the January publication, the global economic prospects is downgraded to projected at 3.4 percent in 2016 (compare to 3.6 percent in October 2015 forecast) and 3.6 percent in 2017 (3.8 percent in October 2015 release). The pickup in global activity is projected to be more…

Botswana’s A2 government bond rating is affirmed; outlook stable — Moody’s

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Gaborone, Botswana, Capital Markets in Africa — Moody’s Investors Service (“Moody’s”) has today affirmed Botswana’s A2 government bond and issuer ratings. The outlook remains stable. Botswana’s local currency bond and deposit ceilings remain at Aa3, foreign currency deposit ceiling at A2/P-1, and foreign-currency bond ceiling at Aa3/P-1, unchanged. The key factors for affirming the A2 rating and maintaining the stable outlook are: Fiscal Resilience Supported by large assets and low debt: The first factor underpinning…

Zambia’s strong medium-term growth prospects tempered by fiscal and external credit challenges — Moody’s

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Lusaka, Zambia, Capital Markets in Africa — Zambia’s strong medium-term growth potential, political stability and responsive monetary policy support its credit profile, however the country faces challenges from its lack of credibility of fiscal policy, limited economic diversification as well as vulnerability to lower copper prices and China’s slowdown, Moody’s Investors Service said in a report titled “”Credit Analysis: Zambia” and published on Tuesday 3rd December 2015. “The stable outlook on Zambia’s rating balances near-term…

Uganda’s 2015/2016 Fiscal Year GDP Forecast slashes to 5% from 5.8% — IMF

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KAMPALA, Uganda, Capital Markets in Africa — The International Monetary Fund (IMF) revised Uganda’s growth forecast for the 2015/16 (July-June) fiscal year to 5 percent from the 5.8 percent it predicted in May, according to the press statement released by the IMF on November 18 2015. The Fund attributed the cut in GDP to the global and regional challenges, compounded by election-related uncertainties, the shilling depreciated sharply, driving an increase in inflation (annual core inflation…

African Economic Watch: African Countries Release October Inflation Rates Statistics …

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Lagos, Nigeria, Capital Markets in Africa — Most of the African countries released the inflation rates figure for October in the week ending Sunday 15 November 2015. South Africa also released the production figures for the mining and manufacturing sector and Tanzania’s M3 money supply September data were also released by the Bank of Tanzania. Sudan’s annual inflation rate eased to 13.37 percent in October from a revised 13.56 percent in September, a monthly report…

Moody’s changes outlook on the DR Congo’s Ba3 rating to negative; rating affirmed

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Brazzaville, DR Congo, Capital Markets in Africa —- The rating outlook on the Democratic Republic of the Congo issuer rating of Ba3 was changed to negative from stable and Ba3 rating was affirmed the rating by Moody’s rating agency on November 13 2015. Moody’s Rating Agency attributed the negative outlook to increasing uncertainty regarding the government’s capacity to consolidate its finances amid a protracted oil price shock that has depressed the fiscal and growth…

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