Fitch gives Namibia long-term BBB-, BBB ratings

Fitch Ratings said it assigned the Republic of Namibia a BBB- long-term foreign currency rating, BBB long-term local currency and F3 short-term foreign currency. An A- country ceiling rating was assigned to reflect its membership of the Common Monetary Area.

The outlook is stable.

Namibia's ratings are underpinned by a low public and external debt burden, high domestic savings, account surpluses, macroeconomic stability, an abundance of well-managed mineral resources and political stability, the agency said.

However, Fitch noted that economic activity is dominated by the primary sector, which accounts for 20% of GDP and 60% of exports and government services. This limited diversification is a relative weakness at the investment-grade level.

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