Fitch downgrades Ghana

Fitch Ratings said it downgraded Ghana's long-term foreign-currency issuer default rating to C from CC as well as the issue ratings on outstanding foreign-currency debt. Fitch also lowered the issue rating on Ghana's partially-guaranteed $1 billion of notes due 2030 to CC from B-.

Fitch does not typically assign outlooks to sovereigns with a rating of CCC or below.

“The downgrade of Ghana's LTFC IDR reflects the government's announcement of a suspension of payments on sovereign external debt, which Fitch's views as the beginning of a sovereign default process,” the agency said in a press release.

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