Fitch ups Ghana, rates bonds CCC

Fitch Ratings said it raised Ghana’s long-term local-currency rating issuer default rating to CCC from RD, restricted default and assigned CCC ratings to two interest-only bonds issued on completion of pension funds holdings of domestic debt exchange. Fitch also assigned CCC ratings to four domestic U.S. dollar-denominated bonds issued on Sept. 4.

Finally, Fitch affirmed the CCC issue rating on local-currency bonds that it assigned on March 22.

“The upgrade of Ghana's long-term local-currency IDR follows the completion of the domestic debt exchange program. Fitch considers that as a result of a series of domestic debt exchanges, Ghana has normalized relations with a significant majority of local-currency creditors, with a participation rate of 92% on local-currency government bonds (with similarly participation for Cocobills and locally issued foreign-currency bonds),” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.