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South Africa Local-Currency Debt Rating Downgraded by Fitch

South Africa, Capital Markets in Africa: Fitch Ratings downgraded South Africa’s local-currency debt one level to move it into line with the foreign-currency rating, bringing the nation’s 1.7 trillion rand ($118 billion) of domestic debt a step closer to junk level. The one-step cut to BBB-, the lowest investment grade, was part of a review of Fitch’s local-currency assessments, applying new criteria that resulted in downgrades for 23 issuers, the company said in a report that was…

Credit Ratings | Fitch Downgrades Nigeria to ‘B+’; Outlook Stable

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LAGOS, Nigeria, Capital Markets in Africa: Fitch Ratings-Hong Kong-23 June 2016: Fitch Ratings has downgraded Nigeria’s Long-term foreign currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘ and Long-term local currency IDR to ‘BB-‘ from ‘BB’. The Outlooks are Stable. The issue ratings on Nigeria’s senior unsecured foreign-currency bonds have also been downgraded to ‘B+’ from ‘BB-‘. The Country Ceiling has been revised down to ‘B+’ from ‘BB-‘ and the Short-Term Foreign-Currency IDR affirmed at…

South Africa’s S&P Rating Respite Strengthens Gordhan’s Hand

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Johannesburg, South Africa, Capital Markets in Africa: South African Finance Minister Pravin Gordhan emerged in a stronger position in his tug of war with President Jacob Zuma after S&P Global Ratings decided not to cut the nation’s credit rating to junk. “This means that Gordhan will not be going anywhere for the time being, unless he takes a personal decision to go,” said Susan Booysen, a politics professor at the University of the Witwatersrand’s School of Governance. “This is another…

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

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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…

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

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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…

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

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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….

Gabon’s Ba3 rating balances wealth and sound public finances with risks stemming from low oil prices

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Gabon’s Ba3 rating is supported by its oil- wealth, relatively sound public finances and membership of the Franc Zone, Moody’s Investors Service says in its latest Credit Analysis for the country published recently. However, a relatively undiversified economy and the government’s reliance on oil-derived revenue are among the factors which constrain its rating. “The key challenge for Gabon’s government is to stick to its plan to diversify the economy, while maintaining sound public finances at…

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