Credit ratings |

Fitch Rates Nigeria’s U.S.$3 Billion Eurobond ‘B+’

LAGOS (Capital Markets in Africa) — One of the leading rating agencies, Fitch Ratings has assigned Nigeria’s $1.5 billion 6.500% senior unsecured notes due 28 November 2027 and the $1.5 billion 7.625% senior unsecured notes due 28 November 2047 a final rating of ‘B+’. According to a statement yesterday, the final rating replaced the expected rating of ‘B+ (EXP)’ that Fitch had assigned to the issue on November 15, 2017. It explained that the expected…

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

Posted on by The Editorial Team

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…

Moody’s changes outlook on Morocco’s Ba1 rating to positive from stable

Posted on by The Editorial Team

RABAT (Capital Markets in Africa) – Moody’s Investors Service has today changed the outlook on the Government of Morocco’s rating to positive from stable and affirmed the issuer and senior unsecured ratings at Ba1. The key drivers of today’s rating action are: (1) Improving external position reflected in the build-up of foreign exchange reserves in the wake of dynamic new export industries and lower nominal oil imports; (2) Declining fiscal imbalances, reflecting gradual but steady…

Carlyle to become largest shareholder in South Africa’s Global Credit Ratings

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Carlyle Group has agreed to become the largest shareholder in Johannesburg-based Global Credit Ratings (GCR), the U.S. buyout fund said on Tuesday, looking to broaden the pan-African ratings agency’s services. Terms of the deal, which was first reported by the Financial Times, were not disclosed. Carlyle is set to buy around half of the equity in GCR from its management founders and German development finance business DEG, which will remain…

Mozambique Rating Downgrade by S&P, Moody’s on Debt Swap

Posted on by The Editorial Team

MAPUTO, Mozambique, Capital Markets in Africa — Mozambique’s credit rating was downgraded by Standard & Poor’s and Moody’s Investors Service because a proposed restructuring of about $700 million of bonds issued by a state-owned Tuna-fishing company could be equivalent to a default, according to the firms. S&P’s rating for the south-east African nation was lowered to CC, 10 levels below investment grade, from B-, the company said in a press statement released on Tuesday. While Moody’s…

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

Posted on by The Editorial Team

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…

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

Posted on by The Editorial Team

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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