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INTO AFRICA February 2019 Edition – Eye on Africa’s Economy in 2019

Wish you a prosperous year 2019 and welcome to the February 2019 edition of the INTO AFRICA – the publication with fresh insight into Africa’s emerging markets. This edition provides insight and foresight into African economies from economists and analysts, hence the edition titled: Eye on Africa’s Economy in 2019. The African region faced a tougher external environment in 2018 due to moderating activity and heightened risks clouding global economic prospects. International trade and investment have softened, trade…

Kenya Could Lose Port on Default of China Exim Loan, Nation Says

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NAIROBI (Capital Markets in Africa) – China’s Export-Import Bank could take over East Africa’s biggest port should Kenya fail to repay a loan taken to finance its new railway, Nation newspaper said, citing a report by the country’s auditor-general. The Chinese bank agreed in 2014 to lend Kenya 90 percent of the $3.8 billion it required for the railway’s first phase linking the port city of Mombasa to the capital, Nairobi. The East African nation secured another…

Moody’s downgrades Gabon’s ratings to Caa1, changes outlook to stable

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LIBREVILLE (Capital Markets in Africa )- Moody’s Investors Service has today downgraded the Government of Gabon’s issuer and senior unsecured debt ratings to Caa1 from B3 and changed the outlook to stable from negative. The rating downgrade is underpinned by continuing government arrears to creditors and suppliers which point to heightened government liquidity pressures and denote institutional weaknesses. Persistent arrears also risk delaying critical financial support from the official sector, in turn exacerbating existing liquidity…

Moody’s Changes Cameroon’s Outlook To Negative, Affirms B2 Rating

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YAOUNDE (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) has changed the outlook on the Government of Cameroon’s issuer local and foreign currency ratings to negative from stable and affirmed the B2 ratings. The decision to change the outlook to negative reflects a rising likelihood that Cameroon’s fiscal strength will continue to weaken due to persistent spending pressures to fund its infrastructure investment program to support growth. Recent fiscal overruns and weak financial health…

South Africa Power Price to Rise 5.2%, Less Than Eskom Asked

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s energy regulator gave the state-owned power utility permission to raise its prices by an average of 5.2 percent from April 1, three quarters less than what the cash-strapped company had asked for. Eskom Holdings SOC Ltd., which generates almost all of the nation’s electricity, had asked the National Energy Regulator of South Africa to allow it to increase tariffs by an average of 20 percent. Nersa Chairman Jacob…

Ethiopia’s credit profile balances high growth and low debt costs against range of challenges

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ADDIS ABABA (Capital Markets in Africa) – Ethiopia’s B1 rating and stable outlook reflects its strengths, including high growth levels and low debt-servicing costs, set against challenges such as high inflation, low per capita income, low foreign exchange reserves and a weak institutional framework, Moody’s Investors Service says in an annual report today. The report, “Government of Ethiopia – B1 Stable, Annual Credit Analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report…

Moody’s: Namibia’s credit profile balances medium-term growth prospects against rising public debt

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London (Capital Markets in Africa) – Namibia’s Baa3 rating with a negative outlook reflects the country’s solid medium-term growth prospects and institutional strength, set against credit challenges including its rising public debt and heightened external risks, Moody’s Investors Service said in a report this week. The annual update, “Government of Namibia — Baa3 Negative Annual Credit Analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of…