South Afria

Moody’s keeps South Africa’s sovereign rating at Baa2, negative outlook

Posted on by The Editorial Team
Moody’s keeps South Africa’s sovereign rating at Baa2, negative outlook

JOHANNESBURG (Capital Markets in Africa) – Credit ratings firm Moody’s Investors Service kept South Africa’s sovereign rating unchanged at Baa2 on Friday, two levels above subinvestment grade, with a negative outlook.  Africa’s most industrialised country, which is expected to see economic growth of around 0.5 percent half a percent this year, has been trying to avert a sovereign rating downgrade to junk status that would raise borrowing costs and deter investment. “The negative outlook on South…

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MTN agrees to Pay US$25mn toward record US$3.9bn Nigeria Fine

Posted on by The Editorial Team
MTN agrees to Pay US$25mn toward record US$3.9bn Nigeria Fine

LAGOS, Nigeria, Capital Markets in Africa — MTN Group Limited, Africa’s largest mobile-phone company, agreed to pay 50 billion nairas (US$251 million) toward a record US$3.9 billion fine in Nigeria for missing a deadline to disconnect unregistered subscribers. The payment to the Nigerian government was made “on the basis that this will be applied toward a settlement, where one is eventually, hopefully, arrived at,” the Johannesburg-based company said in a statement on Wednesday. MTN also agreed to…

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