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Moody’s: Cameroon’s credit profile supported by diversified economy

YAOUNDE (Capital Markets in Africa) – Moody’s Investors Service says that while Government of Cameroon’s (B2 stable) credit profile is supported by a diversified economy that has limited the impact of the oil price shock, the country still faces challenges from its weak institutional environment and rising public sector debt. The annual report, “Government of Cameroon — B2 Stable, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report via the…

Kenyan Credit Growth Accelerates for First Time in Two Years

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Lending to Kenya’s private sector accelerated in August for the first time in two years, after growing at the weakest pace since 2002 the month before as banks continued to shun borrowers because of a government-imposed interest-rate cap. Credit grew 1.6 percent in August from a year earlier, compared with 1.4 percent in July, the Central Bank of Kenya said in an emailed statement. The bank kept its benchmark interest rate…

Moody’s affirms Egypt’s B3 rating; maintains stable outlook

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the Government of Egypt’s long-term issuer and senior unsecured bond ratings at B3. The outlook remains stable. The rating affirmation is based on Moody’s view that the B3 rating appropriately captures Egypt’s credit risk profile. Very weak government finances will continue to constrain the rating pending further clarity on the sustainability and impact of the reform programme. While Egypt’s external liquidity position has…

Moody’s downgrades Tunisia’s rating to B1, maintains negative outlook

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TUNIS (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer rating of the government of Tunisia to B1 from Ba3 and maintained the negative outlook. Moody’s has also downgraded the foreign currency debt rating of the Central Bank of Tunisia to B1 from Ba3 and maintained the negative outlook, in addition to downgrading the shelf/MTN rating to (P)B1 from (P)Ba3. The Government of Tunisia is legally responsible for the payments…

Moody’s Downgrades Namibia’s rating to Ba1, maintains negative outlook

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WINDHOEK (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) has today downgraded Namibia’s long-term senior unsecured bond and issuer ratings to Ba1 from Baa3 and maintained the negative outlook. The key factors for downgrading the rating are: Erosion of Namibia’s fiscal strength due to sizeable fiscal imbalances and an increasing debt burden Limited institutional capacity to manage shocks and address long-term structural fiscal rigidities Risk of renewed government liquidity pressures in the coming years…

South Africa Gets S&P Reprieve as Local Debt Averts Junk

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JOHANNESBURG (Capital Markets in Africa) – S&P Global Ratings left its assessment of South Africa’s foreign-currency debt at the highest junk level and its rand bonds at the lowest investment grade, granting the country a reprieve after a downgrade in April. The foreign-currency rating was affirmed at BB+, S&P said in a statement Friday. The assessment on rand debt, which comprises about 90 percent of the country’s portfolio, was maintained at BBB-. The outlook on both…

Moody’s to Visit South Africa in Coming Weeks, Buthelezi Says

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JOHANNESBURG (Capital Markets in Africa) – A team from Moody’s Investors Service will visit South Africa in the coming weeks after the ratings company put the nation on review for a downgrade early this month, Deputy Finance Minister Sfiso Buthelezi said. The National Treasury has concluded an international roadshow and will give an update on its outcomes at a later date, Buthelezi told reporters in Johannesburg on Friday. Buthelezi was appointed on March 31 as part of a…

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