Moody's downgrades Mozambique

Moody's Investors Service said it downgraded Mozambique's government issuer rating to B2 from B1, foreign-currency bond ceiling to B1 from Ba3 and local-currency bond ceiling to Ba3 from Ba2 and changed the outlook to negative.

The agency said the key driver for the downgrade is the underperformance of Mozambique’s fiscal and debt metrics vis-a-vis peers, which is expected to continue over the medium term.

The negative outlook reflects uncertainties over the government's strategy for covering its increasing external debt payments in foreign currency, Moody’s said.

© 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.