2022-02-07 13:23:16
Rating Actions in Foreign Currency on February 4, 2022
Moody's:
assigned Andorra 'Baa2' rating with the
stable outlook.
Reasons: "The assignment of the rating balances the following factors: Solid institutional and governance capacity which is supported by greater international openness; Moody's expectation that Andorra's government balance sheet will gradually recover from the pandemic shock; A moderate level of economic strength balancing a wealthy economy with constrained growth potential and exposure to a very large banking sector." Moody's press release.
downgraded Ghana to
'Caa1' from 'B3',
revised outlook to
stable from negative;
Reasons: "The downgrade to Caa1 reflects the increasingly difficult task the government faces addressing its intertwined liquidity and debt challenges. Weak revenue generation constrains government's budget flexibility and tight funding conditions on international markets have forced the government to rely on costly debt with shorter maturity." Moody's press release
downgraded Mali to
'Caa2' from 'Caa1', put outlook
on review for further downgrade.
Reasons: "The downgrade is prompted by missed payments since 28 January on commercial debt obligations issued by the Government of Mali on the West African Economic and Monetary Union (WAEMU) debt capital market. This is due to the imposition of economic and financial sanctions by the Economic Community of West African States (ECOWAS) and WAEMU on the Government of Mali in early January 2022." Moody's press release
S&P Global Ratings:
affirmed Ghana at 'B-' with the stable outlook
affirmed Rwanda at 'B+' with the negative outlook
affirmed Bosnia and Herzegovina at 'B' with the stable outlook
upgraded Angola to 'B-' from 'CCC+' with the stable outlook
Reasons: "The stable outlook balances the risks over the next 12 months associated with the still-large external funding needs and financing risks, against gradually declining government debt levels through 2025." S&P's press release
Fitch Ratings:
affirmed Kazakhstan at 'BBB' with the stable outlook
affirmed Georgia at 'BB' with the stable outlook
affirmed Ukraine at 'B' and
downgraded the outlook to
stable from positive
Reasons: "The Stable Outlook partly reflects our base case that full-scale military conflict with Russia will be avoided, and that the somewhat greater availability of IFI and bilateral finance, Ukraine's credible macro-policy framework and strengthened fiscal and FX reserves position coming into 2022, will help mitigate impacts." Fitch's press release.
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