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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…

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

Posted on by The Editorial Team

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…