Tag Archives: Fitch

Fitch: Latest News

  • South Africa Edges closer To Junk Rating, Recession After Rand Plunge

    By Kevin Mwanza, 6:50 am

    In a shocking move on Monday, the rand fell nearly 9 percent intraday to a new record low as investors worried about how a Slowdown in China’s economy – South Africa largest trade partner – will affect the local economy ahead of municipal elections later this year. This could be the final push over the junk rating and recession cliff that South Africa has been hanging on for most of last year.

  • South Africa’s Economy Just A Level Above Junk Rating

    African sovereign debt By Kevin Mwanza, 9:24 am

    Global rating agencies Fitch and Standards & Poor’s (S&P) cut South Africa’s Economy credit standings to just a level above junk status as the country struggles with an array of both external and internal factors. In reaching its decision Fitch cited slowing growth, declining business confidence and a stretched debt position, while S&P raised the same concerns but added that it was unlikely to be fixed anytime in the near future.

  • Fitch Affirms Angola at ‘BB-‘ And Says Outlook Stable

    By Ann Brown, 2:00 pm

    From Reuters Fitch Ratings has affirmed Angola’s Long-term foreign and local currency Issuer Default Ratings (IDRs) at ‘BB-‘. The Outlooks on the Long-term IDRs are Stable. The Country Ceiling has been affirmed at ‘BB-‘ and the Short-term foreign currency IDR at ‘B’. KEY RATING DRIVERS The affirmation reflects the following factors: In 2014, Fitch expects […]

  • South Africa Credit Rating Downgrade Could Happen Friday

    By Dana Sanchez, 1:26 pm

    At least one of two global credit ratings agencies are expected Friday to downgrade South Africa’s credit rating, SABCDigital News reports. Standard and Poor’s and Fitch are scheduled to release updated sovereign credit ratings for the country. They already have South Africa on a negative watch, according to a SABC video. A rating cut could further hurt South Africa’s growth prospects, an analyst said.

  • Opposition Party Says Fitch Rating Lowering “One Of The Most Difficult Moments In Cabo Verde’s Economic History”

    By Ann Brown, 5:00 pm

    From Asemana Opposition party MpD believes that Fitch Rating’s decision to lower Cape Verde’s debt rating from BB- To B and estimate that the public debt will represent 115 percent of GDP in 2015 and 120 percent in 2017 is “bad news” and “one of the most difficult moments in Cape Verde’s economic history.” In […]

  • Could South Africa Lead Global Housing Price Increases?

    By Dana Sanchez, 11:14 am

    South Africa will lead growth globally in the real estate market, with home prices expected to rise 6 percent in 2014, Fitch predicts. At a time when lenders are generally pulling back on loan activity, they seem willing to give credit for home purchases, OxfordBusinessGroup reports. Overall lending could increase as much as 8 percent, supported in part by residential mortgages.

  • Moody’s, S&P Follow Fitch In Downgrading Ghana’s Economy

    By Kevin Mwanza, 1:46 am

    Moody’s Investor Service and Standard & Poor’s have both revised their respective rating outlooks on Ghana from Stable to Negative. Moody’s had assigned its B1 rating (equivalent to B+) on the country in December 2012 while Standard & Poor had maintained a Stable Outlook since August 2010 when the agency downgraded Ghana to B (from B+).

  • Ghana’s Gold, Cocoa Export Earnings Fall In Jan-Oct

    By Kevin Mwanza, 2:09 am

    Ghana’s main exports commodities, gold and cocoa, recorded lower earnings in the first ten months of 2013 mainly due to a decline in their prices on the world market. Ghana is world’s second largest cocoa producer and Africa’s number two gold producer. The Bank of Ghana said in a monetary policy committee statement that earnings […]

  • Gabon To Issue New 10-Year Eurobond Worth About $500 Mln

    By Kevin Mwanza, 1:40 am

    From Reuters: Gabon plans to raise at least $500 million via a new 10-year Eurobond to fund infrastructure investment and will buy back up to $140 million of its 2017 Eurobond, according to a preliminary prospectus seen by Reuters. The mineral-rich central African nation was one of the first sub-Saharan countries to make its debut […]

  • FOREX Africa: Is Golden Ghana Losing Its Luster?

    By Jeffrey Cavanaugh, 2:00 pm AFKI Original

    Since production began in late 2010, Ghana has produced approximately 110,000 to 125,000 barrels a day at prices averaging around $100 per barrel – a huge windfall for this relatively small country of nearly 25-million people.

More Headlines