{"id":19294,"date":"2022-08-10T12:39:47","date_gmt":"2022-08-10T12:39:47","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys"},"modified":"2022-08-10T14:00:11","modified_gmt":"2022-08-10T14:00:11","slug":"aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys","title":{"rendered":"APRM condemns latest downgrade of Mauritius by credit rating agency Moody\u2019s"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>The African Peer Review Mechanism (APRM), which is an organ of the African Union (AU) that supports African countries in the area of credit ratings, has condemned latest downgrade of Mauritius by credit rating agency Moody\u2019s.<\/p>\n

In a statement APRM said it has \u201cnoted with concern the unsolicited rating action by Moody\u2019s that resulted in the downgrade of the Government of Mauritius\u2019 long-term foreign currency issuer rating from Baa2 to Baa3, and also a change in its outlook from negative to stable.
\n\u201cThis is the third negative rating action by Moody\u2019s on the Government of Mauritius since the outbreak of Covid-19 in March 2020,\u201d APRM said in the statement.<\/p>\n

Baa3 is the lowest investment grade rating, before \u2018junk status\u2019, which means the government\u2019s debt obligations are subject to moderate credit risk and may possess certain speculative characteristics.<\/p>\n

The key driver of the rating downgrade was cited by Moody\u2019s as the \u2018weakened quality and effectiveness of institutions and ineffective policy-making, which is hampering the country\u2019s economic resiliency and capacity to absorb future economic shocks\u2019.<\/p>\n

But the APRM said it \u201cviews this rating action as harsh and contrasting the country\u2019s economic recovery efforts from the devastating impact of the Covid-19 pandemic and, the risk factors as vague and highly subjective.
\nAccording to the statement APRM is making this assessment because of the following observations:<\/p>\n

1) Moody\u2019s assessment of institutional and governance strength was based on that, Mauritius has been applying unconventional policies and once-off economic measures over the past two years.<\/p>\n

This is an insufficiently competent basis for assessing institutional and governance strength given that, the traditional economic measures are not enough to address the economic crisis caused by the Covid-19 pandemic.<\/p>\n

2) The downgrade of Mauritius is contradictory to Moody\u2019s own acknowledgement in its review report that the institutional framework in Mauritius remains strong.<\/p>\n

3) The notion of \u2018weakened institutional and governance strength in Mauritius\u2019 have likely been driven by the pessimism of Moody\u2019s non-resident primary analyst covering Mauritius.<\/p>\n

4) The request for objection or appeal to the facts in the draft rating report, made to the government as part of the rating process, is due in less than 5-days before the rating decision is publicly disclosed.<\/p>\n

This does not allow the government representatives adequate time to sufficiently consult, appeal or request for amendments to the rating decision. This indicates that the consultative framework of Moody\u2019s, like that of Fitch and S&P Global, is still more of a \u2018tick box\u2019 exercise.<\/p>\n

APRM said based on these factors, it \u201cviews that it would have been prudent for the Government of Mauritius\u2019s long-term foreign currency sovereign credit rating to be affirmed Moody\u2019s.<\/p>\n

The rating downgrade of Mauritius is compounding the complexity of driving the economic recovery process and making current fiscal measures ineffective.
\nAPRM said it \u201cthe rating downgrade will significantly increase the cost of servicing government debt and further stifle economic fundamentals in Mauritius.<\/p>\n

\u201d APRM has said it is planning to establish it\u2019s own credit rating agency that would provide accurate and balanced rating of African countries.<\/p>\n

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

Africa-Press – Mauritius. The African Peer Review Mechanism (APRM), which is an organ of the African Union (AU) that supports African countries in the area of credit ratings, has condemned latest downgrade of Mauritius by credit rating agency Moody\u2019s. In a statement APRM said it has \u201cnoted with concern the unsolicited rating action by Moody\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":19293,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,245,365,241],"class_list":["post-19294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mauritius","tag-economic","tag-mauritius"],"yoast_head":"\nAPRM condemns latest downgrade of Mauritius by credit rating agency Moody\u2019s - Mauritius<\/title>\n<meta name=\"description\" content=\"The African Peer Review Mechanism (APRM), which is an organ of the African Union (AU) that supports African countries in ...\" \/>\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\/mauritius\/all-news\/aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"APRM condemns latest downgrade of Mauritius by credit rating agency Moody\u2019s\" \/>\n<meta property=\"og:description\" content=\"The African Peer Review Mechanism (APRM), which is an organ of the African Union (AU) that supports African countries in ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-10T12:39:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-10T14:00:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/08\/postQueueImg_1-62f3b993b32cb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"APRM condemns latest downgrade of Mauritius by credit rating agency Moody\u2019s\",\"datePublished\":\"2022-08-10T12:39:47+00:00\",\"dateModified\":\"2022-08-10T14:00:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys\"},\"wordCount\":540,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/08\/postQueueImg_1-62f3b993b32cb.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Economic\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/aprm-condemns-latest-downgrade-of-mauritius-by-credit-rating-agency-moodys\",\"name\":\"APRM condemns latest downgrade of Mauritius by credit rating agency Moody\u2019s - 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