Moodys

Moody’s downgrades Angola’s ratings to B2, outlook stable

Posted on by The Editorial Team
Moody’s downgrades Angola’s ratings to B2, outlook stable

LUANDA (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured ratings of the Government of Angola to B2 from B1 and changed the outlook to stable from negative. It also affirmed Angola’s short-term issuer ratings at Not Prime. The key drivers supporting the downgrade are: 1) Lower economic strength in light of the diminished medium-term growth outlook, constrained by foreign currency shortages, high inflation, lower public sector…

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Moody’s Sees Angola as No-Go Zone for U.S. Banks as Risks Remain

Posted on by The Editorial Team
Moody’s Sees Angola as No-Go Zone for U.S. Banks as Risks Remain

LUANDA (Capital Markets in Africa) – Angola is still a long way off from tempting U.S. banks into resuming dollar-clearing services despite making progress in combating money laundering, according to Moody’s Investors Service. “American banks are unlikely to come back to Angola anytime soon,” Akin Majekodunmi, a London-based senior analyst at Moody’s, said in an interview on Wednesday. “This industry, if you like, doesn’t make much commercial sense for them anymore.” Bank of America Corp….

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Moody’s Sees South Africa-SAA Bailout Plan as `Moral Hazard’

Posted on by The Editorial Team
Moody’s Sees South Africa-SAA Bailout Plan as `Moral Hazard’

JOHANNESBURG (Capital Markets in Africa) – South Africa’s potential bailout of the state-owned airline could place pressure on the nation’s finances because other government-run companies that are cash-strapped and mismanaged may come to expect the same, Moody’s Investors Service said.  “It generates moral hazards because then larger state-owned enterprises see it and there perhaps will be the perception that the government will always come and bail out, without reforms,” Zuzana Brixiova, Moody’s senior vice president for sovereign…

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Moody’s: South African gold and platinum miners’ restructuring supports their credit profiles

Posted on by The Editorial Team
Moody’s: South African gold and platinum miners’ restructuring supports their credit profiles

JOHANNESBURG (Capital Markets in Africa) – The credit profiles of South African gold and platinum group metals (PGM) miners are benefitting from restructuring programmes that aim to protect the sustainability and profitability of their South African mines, Moody’s Investors Service said in a report today. The report, “Metals & Mining — South Africa, Restructuring of South African operations is credit positive for gold, PGM miners”, is now available on www.moodys.com. Moody’s subscribers can access this…

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Mozambique’s Caa3 rating captures risk of sizeable losses for private creditors from default

Posted on by The Editorial Team
Mozambique’s Caa3 rating captures risk of sizeable losses for private creditors from default

MAPUTO (Capital Markets in Africa) – Mozambique’s Caa3 credit rating and negative outlook reflect Moody’s expectations that the ongoing default event will result in sizeable losses for private creditors, Moody’s Investors Service said in an annual report today. The report, “Government of Mozambique — Caa3 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 this press release. The research is an update…

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Moody’s downgrades Tunisia’s rating to B1, maintains negative outlook

Posted on by The Editorial Team
Moody’s downgrades Tunisia’s rating to B1, maintains negative outlook

TUNIS (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer rating of the government of Tunisia to B1 from Ba3 and maintained the negative outlook. Moody’s has also downgraded the foreign currency debt rating of the Central Bank of Tunisia to B1 from Ba3 and maintained the negative outlook, in addition to downgrading the shelf/MTN rating to (P)B1 from (P)Ba3. The Government of Tunisia is legally responsible for the payments…

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Moody’s: Angolan Banks FAQ answers investors’ questions on correspondent banking pullback

Posted on by The Editorial Team
Moody’s: Angolan Banks FAQ answers investors’ questions on correspondent banking pullback

London (Capital Markets in Africa) – In a new report Moody’s Investors Service answers investors’ questions about the credit implications for Angolan Banks, such as Banco Angolano de Investimentos, S.A. (BAI, BCA b3, LT local currency bank deposits B1, Negative), of the recent reduction in correspondent banking services. The report, “Banco Angolano de Investimentos, S.A. (BAI) Case Study: Angolan banks face challenges meeting dollar obligations following loss of correspondent bank relationships,” is now available on…

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