Fitch changes Ethiopia view

Fitch Ratings said it revised the outlook on Ethiopia's long-term foreign-currency issuer default rating to negative from stable and affirmed the issuer default rating at B.

“The revision of the outlook to negative reflects prospects for continued political instability and potential for meaningful economic spillovers,” the agency said in a news release.

“Political unrest, which has already had economic impacts, including a spike in inflation, may weigh further on tax collection and foreign direct investment (FDI), which declined again in FY19 (the fiscal year to end-June 2019).”

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