The Editorial Team |

Nigeria: CBN Maintain or Tighten Policy?

We expect policy to be held steady later today as the 100bp tightening in the MPR to 13% late-November 2014 is still yet to transmit its full effect throughout the economy. It is also unlikely for a tightening of policy prior to the election. However, there are various ways that the MPC could respond to current pressures, for example: • Tightening monetary policy further by around 100bp. • Raising Cash Reserve Ratio on Private Sector…

Republic of Gabon assigned Ba3 rating with stable outlook

Posted on by The Editorial Team

Moody’s had assigned first-time local and foreign-currency issuer ratings of Ba3 to the government of the Republic of Gabon and the outlook on the ratings is stable. The key credit strengths underpinning the Ba3 rating of the Republic of Gabon include (1) robust growth prospect, (2) strong government balance sheet, and (3) reduced external vulnerability afforded by its membership of the CFA franc zone. These are balanced by credit constraints that include (1) the high reliance…

Broadly stable global sovereign outlook for 2015

Posted on by The Editorial Team

The global sovereign outlook for 2015 is broadly stable – a change from the diverse global trends seen in recent years, according to Moody’s 2015 Outlook: Global Sovereigns. The financial crisis and the sovereign debt crisis laid bare weaknesses in the credit quality of euro area sovereigns which resulted in widespread downgrades. In contrast, the economic benefits derived from the ‘commodities supercycle’ allied with structural and institutional reforms allowed material credit improvements (and consequently rating…

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