{"id":8595,"date":"2022-01-15T10:19:05","date_gmt":"2022-01-15T10:19:05","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/rating-agencies-risk-condemning-africa-to-penury"},"modified":"2022-01-15T10:49:36","modified_gmt":"2022-01-15T10:49:36","slug":"rating-agencies-risk-condemning-africa-to-penury","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/rating-agencies-risk-condemning-africa-to-penury","title":{"rendered":"Rating agencies risk condemning Africa to penury"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>The avalanche of sovereign credit rating downgrades for African countries will see the region suffer terrible consequences. A balanced approach is urgently required.<\/p>\n

The economic downturn created by the Covid-19 pandemic, which begot Africa\u2019s first recession in 25 years, also triggered an avalanche of sovereign credit rating downgrades across the region.<\/p>\n

In one of the most dramatic moves on record, 18 of the 32 African countries rated by at least one of the \u2018big three\u2019 agencies (Fitch, Moody\u2019s, and S&P) endured downgrades at the peak of the pandemic downturn in 2020, heightening uncertainty and potentially exacerbating the crisis.<\/p>\n

Several studies have shown that sovereigns that suffer such demotions are likely to experience a deterioration of their macroeconomic fundamentals and an increase in foreign currency borrowing costs.<\/p>\n

This landslide of procyclical downgrades affected more than 56% of rated African countries, significantly above the global average of 31.8% as well as averages in other parts of the world (45.4% in the Americas, 28% in Asia, and 9.2% in Europe).<\/p>\n

The share of affected African nations is even higher (62.5%) if we extend the period covered to include the two countries downgraded in the first half of 2021.<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. The avalanche of sovereign credit rating downgrades for African countries will see the region suffer terrible consequences. A balanced approach is urgently required. The economic downturn created by the Covid-19 pandemic, which begot Africa\u2019s first recession in 25 years, also triggered an avalanche of sovereign credit rating downgrades across the region. In […]<\/p>\n","protected":false},"author":84,"featured_media":8594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,6,8,16],"tags":[242,233,246,245],"class_list":["post-8595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-files","category-homepage-english","category-twitter","tag-africa","tag-africa-press","tag-africa-press-lesotho","tag-lesotho"],"yoast_head":"\nRating agencies risk condemning Africa to penury - Lesotho<\/title>\n<meta name=\"description\" content=\"The avalanche of sovereign credit rating downgrades for African countries will see the region suffer terrible consequenc ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/rating-agencies-risk-condemning-africa-to-penury\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rating agencies risk condemning Africa to penury\" \/>\n<meta property=\"og:description\" content=\"The avalanche of sovereign credit rating downgrades for African countries will see the region suffer terrible consequenc ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/rating-agencies-risk-condemning-africa-to-penury\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-15T10:19:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-15T10:49:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/01\/img-61e2a69f47b39.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"425\" \/>\n\t<meta property=\"og:image:height\" content=\"343\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/rating-agencies-risk-condemning-africa-to-penury#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/rating-agencies-risk-condemning-africa-to-penury\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Rating agencies risk condemning Africa to penury\",\"datePublished\":\"2022-01-15T10:19:05+00:00\",\"dateModified\":\"2022-01-15T10:49:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/rating-agencies-risk-condemning-africa-to-penury\"},\"wordCount\":207,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/rating-agencies-risk-condemning-africa-to-penury#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/01\/img-61e2a69f47b39.jpg\",\"keywords\":[\"Africa\",\"Africa Press\",\"Africa Press-Lesotho\",\"Lesotho\"],\"articleSection\":[\"all news\",\"economy\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/rating-agencies-risk-condemning-africa-to-penury#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/rating-agencies-risk-condemning-africa-to-penury\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/rating-agencies-risk-condemning-africa-to-penury\",\"name\":\"Rating agencies risk condemning Africa to penury - 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