Economy | - Part 72

Tunisia | Moody’s recalibrates Tunisia’s national rating scale

Tunis, Tunisia, Capital Markets in Africa: Moody’s Investors Service has repositioned the national scale ratings (NSRs) of four tranches in two Tunisian structured finance transactions in conjunction with the recalibration of the Tunisian national rating scale. NSRs, which provide a measure of relative creditworthiness within a single country, are derived from global scale ratings (GSRs) using country-specific maps. The adoption of a revised correspondence between Moody’s GSRs and the Tunisian national scale follows the publication…

South Africa | Moody’s places South Africa’s Baa2 ratings on review for downgrade

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa — New York, Moody’s Investors Service has today placed the Baa2 bond and issuer ratings of the government of South Africa on review for downgrade. Also placed on review for downgrade were South Africa’s (P)Baa2/(P)P-2 shelf and MTN program ratings. The decision to place the ratings on review was prompted by the continuing rise in risks to the country’s medium-term economic prospects and to its fiscal strength, notwithstanding…

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

Posted on by The Editorial Team

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…

South Africa Junk Rating a Matter of Time as Economy Falters

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa — It appears to be just a matter of time before South Africa’s credit rating is cut to junk. S&P Global Ratings will lower the nation’s rating to non-investment grade by the end of this year, according to 12 of 13 economists and analysts surveyedby Bloomberg. Four see the downgrade to BB+, which will put South Africa on par with Turkey and Indonesia, coming as early as next month. All 13 analysts…

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

Posted on by The Editorial Team

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,…

Congo | Moody’s downgrades Republic of the Congo’s rating to B1

Posted on by The Editorial Team

Brazzaville, Congo, Capital Markets in Africa — Moody’s Investors Service has today downgraded the Republic of the Congo’s (ROC) issuer rating to B1 from Ba3 and placed the B1 rating under review for further downgrade. The downgrade reflects the severe deterioration in the government balance sheet caused by the significant fall in oil prices, which Moody’s expects to remain low for several years. The purpose of the review for further downgrade is to allow Moody’s…

Nigeria edging closer to China — Bank of America Merrill Lynch

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in Africa — Buhari’s recent trip to China generated impressive headlines on funding. If the whole $6bn infrastructure loan is disbursed, it could give a significant boost to Nigeria’s productivity. However, in the short term, the focus is on some important details of the currency swap arrangement and to what extent it can alleviate the pressure on Nigeria’s FX reserves. CBN lauds currency swap with China, but important details are missing The…

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