Credit rating |

Moody’s upgrades Egypt to B3 with a stable outlook

Moody’s Investors Service has today upgraded Egypt’s issuer and senior unsecured bond ratings to B3 from Caa1, with a stable outlook. Key drivers for today’s rating action are: Improving macroeconomic performance, Reduction in external vulnerabilities, and Ongoing commitment to fiscal and economic reform. In today’s rating action, Moody’s has also raised Egypt’s foreign-currency bond ceiling to B2 from B3, the foreign-currency deposit ceiling to Caa1 from Caa2, and the local-currency country risk ceiling to Ba2…

Fitch Affirms Nigeria at ‘BB-‘; Outlook Revised to Negative

Posted on by The Editorial Team

London, March 30 (Fitch): Fitch Ratings has affirmed Nigeria’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BB-‘ and ‘BB’ respectively. The Outlooks on the Long-Term IDRs have been revised to Negative from Stable. The issue ratings on Nigeria’s senior unsecured foreign currency bonds are affirmed at ‘BB-‘. The Country Ceiling is affirmed at ‘BB-‘ and the Short-Term Foreign Currency IDR at ‘B’. Under EU credit rating agency (CRA) regulation, the publication of…

Moody’s downgrades Ghana’s sovereign rating to B3; outlook negative

Posted on by The Editorial Team

Moody’s Investors Service has today downgraded Ghana’s issuer and senior unsecured rating by one notch to B3 from B2. The outlook on the rating is negative. The key drivers of today’s rating action are the following: 1) Deteriorating debt dynamics as reflected by an increasing debt burden due to large fiscal imbalances and a sharp weakening of the country’s national currency, combined with reduced debt affordability stemming from a high cost of funding in the…

Moody’s affirms Angola Ba2 ratings, changes outlook to negative

Posted on by The Editorial Team

London, 03 March 2015 — Moody’s Investors Service has today affirmed Angola’s Ba2 government bond rating and changed the rating outlook to negative from stable. The short term ratings remain unchanged at Not Prime. Key drivers for today’s decision include: The rating affirmation at Ba2 is supported by Angola’s intrinsic economic strength and the government’s financial buffers. The negative rating outlook is driven by the downside risks stemming from the oil price decline to economic…

Moody’s change Banco Angolano de Investimentos’ Ba3 deposit ratings to negative from stable

Posted on by The Editorial Team

Limassol, March 04, 2015 — Moody’s Investors Service has today changed the outlook to negative from stable on the Ba3 deposit ratings of Banco Angolano de Investimentos, S.A. Concurrently, Moody’s affirmed the bank’s Ba3 deposit ratings and E+ standalone bank financial strength rating (BFSR), which is equivalent to a b1 baseline credit assessment. The E+ BFSR maintains a stable outlook. The rating action on Banco Angolano de Investimentos follows the change in the outlook to…

Moody’s assigns (P)B1 to Côte d’Ivoire

Posted on by The Editorial Team

Moody’s Investors Service, Inc. (Moody’s) has assigned a provisional long-term (P)B1 rating to the Government of Côte d’Ivoire’s forthcoming bond issue. The senior unsecured bond will rank pari passu with all of Côte d’Ivoire’s current and future senior unsecured debt. The rating is aligned with Côte d’Ivoire’s long-term issuer rating of B1. Moody’s currently has a positive outlook on Côte d’Ivoire’s issuer rating. The provisional (P)B1 rating is based on the preliminary prospectus dated 13…

Broadly stable global sovereign outlook for 2015

Posted on by The Editorial Team

The global sovereign outlook for 2015 is broadly stable – a change from the diverse global trends seen in recent years, according to Moody’s 2015 Outlook: Global Sovereigns. The financial crisis and the sovereign debt crisis laid bare weaknesses in the credit quality of euro area sovereigns which resulted in widespread downgrades. In contrast, the economic benefits derived from the ‘commodities supercycle’ allied with structural and institutional reforms allowed material credit improvements (and consequently rating…

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