Fitch affirms Namibia

Fitch Ratings said it affirmed the Republic of Namibia's long-term foreign-currency issuer default rating at BBB-, long-term local-currency issuer default rating at BBB, short-term issuer default rating at F3 and country ceiling at A.

The outlook is stable.

The agency said a much-improved fiscal position, strengthening balance of payments, stronger growth as a result of the expansion of the minerals sector and rising public and private investment support Namibia's creditworthiness and leave the country well placed to manage the fallout from the recent sharp depreciation of the South African rand - to which the Namibian dollar is pegged - and the fall in commodity prices as a result of the global liquidity crunch and economic slowdown.

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