S&P downgrades Uganda

S&P said it lowered its long-term sovereign credit ratings on Uganda to B- from B.

The outlook is stable.

“The rising proportion of funding from more expensive commercial sources – which has risen to nearly 60% of total general government debt currently from about a third in 2019 – will raise Uganda's already-elevated debt servicing costs as a percentage of general government revenue,” S&P said in a news release.

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