Gabon | - Part 2

Moody’s: Sub-Saharan Africa’s recovery from foreign currency shortages to take time

LAGOS (Capital Markets in Africa) – While foreign currency shortages in Sub-Saharan Africa stemming from lower oil and commodity prices are easing, it will take time for sovereigns, banks, and non-financial companies to restore their financial health, Moody’s Investors Service said in a report today. The report, “Foreign currency shortages are subsiding but will take a time to overcome”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of this press release….

Gabon: ICD and DCF of Gabon sign an MoU

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ABIDJAN (Capital Markets in Africa) – Mr. Khaled Al-Aboodi, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), a member of Islamic Development Bank Group, and Mr. Alain Ditona Moussavou CEO of Deposit and Consignments Fund (DCF), signed a Memorandum of Understanding (MoU) to launch an investment fund to support the financing of SMEs in Gabon and Central Africa. The two institutions are determined to bring a solution to the…

Och-Ziff Unit Said to Plan to Plead Guilty Over Bribes

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LAGOS (Capital Markets in Africa) – Och-Ziff Capital Management LP, the largest publicly traded hedge fund firm in the U.S., has agreed to enter into a deferred-prosecution agreement and have a subsidiary plead guilty in a federal probe into millions of dollars of bribes funneled to African officials, according to a person familiar with the matter. The admission of guilt is part of a settlement with the Justice Department and the Securities and Exchange Commission after a complex five-year…

Gabon Misses Out on Africa Bond Rally as Vote Dispute Weighs

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GABON, Capital Markets in Africa: Gabon is missing out on Africa’s bond rally because of an electoral dispute that’s weighing on investor confidence. The oil-producing nation’s dollar bonds have lost 1.4 percent this month, the most out of 17 sub-Saharan African nations tracked by Bloomberg, which returned an average 0.6 percent. Yields on Gabon’s 2024 securities have climbed 77 basis points since the presidential poll of Aug. 27. Emerging-market bond issuers are set for a record…

Gabon | Fitch Revises Gabon’s Outlooks to Negative; Affirms at ‘B+

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Libreville, Gabon, Capital Markets in Africa — Fitch Ratings has revised the Outlook on Gabon’s Long-term foreign and local currency Issuer Default Ratings (IDR) to Negative from Stable and affirmed the IDRs at ‘B+’. The issue ratings on Gabon’s senior unsecured foreign currency bonds have also been affirmed at ‘B+’. The Short-Term IDR has been affirmed at ‘B’. Fitch has also affirmed the Country Ceiling for the Communaute Economique et Monetaire d’Afrique Centrale (CEMAC) and…

Gabon | Moody’s places Gabon’s Ba3 ratings on review for downgrade

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Libreville, Gabon, Capital Markets in Africa — Moody’s Investors Service has today placed the Republic of Gabon’s Ba3 government bond and issuer ratings on review for downgrade. The purpose of Moody’s ratings review is to assess the extent of the impact of the further sharp fall in oil prices, which Moody’s expects to remain low for several years, on the Republic of Gabon’s government balance sheet in the coming years. As part of the review,…

Gabon | Prioritizing spend in an election year — Bank of America Merrill Lynch

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Libreville, Gabon, Capital Markets in Africa —The Gabonese government is taking steps to mitigate the effect of lower oil prices (oil makes up 40% of revenues) by re-prioritizing its development plans. A supplementary budget is expected to be released in the summer, which will detail where spending can be cut with minimal social and growth impacts. The government is using US$30/bbl in the budget (compared to US$42 previously) and expects GDP growth of 3.2% and…

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