Moody’s moves Ethiopia view to negative

Moody’s Investors Service said it revised the outlook for Ethiopia to negative from under review and confirmed the B2 issuer and senior unsecured rating.

The outlook change and confirmations conclude the review started on May 7, Moody’s said.

“The negative outlook reflects Moody's view that Ethiopia's fiscal and external vulnerabilities that had increased before the coronavirus shock will be exacerbated by the shock, and potentially reach a degree of severity consistent with a lower rating. Delivering on the government's structural reform agenda and reversing the persistent deterioration in revenues to low levels will be challenging in the subdued economic environment that Moody's expects to continue into fiscal 2021,” the agency said in a press release.

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