{"id":23092,"date":"2022-07-18T15:43:15","date_gmt":"2022-07-18T15:43:15","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/fitch-places-mozambique-uco-on-final-sovereign-rating-criteria"},"modified":"2022-07-18T15:56:13","modified_gmt":"2022-07-18T15:56:13","slug":"fitch-places-mozambique-uco-on-final-sovereign-rating-criteria","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/fitch-places-mozambique-uco-on-final-sovereign-rating-criteria","title":{"rendered":"Fitch places Mozambique UCO on Final Sovereign Rating Criteria"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Mozambique. <\/strong><\/span>The financial rating agency Fitch Ratings will review the criteria for assigning the CCC rating to 11 countries, including Mozambique, and may maintain, raise or lower the rating by one level in the next six months.<\/p>\n<p>\u201cFitch Ratings has placed Mozambique\u2019s \u2018CCC\u2019 Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) and debt instruments Under Criteria Observation (UCO),\u201d a note released by the financial rating agency reads, while stressing that the country\u2019s current rating remains so far unchanged.<\/p>\n<p>\u201cThe UCO indicates that ratings may change as a direct result of the final criteria. It does not indicate a change in the underlying credit profile, nor does it affect existing Outlooks,\u201d Fitch Ratings writes.<\/p>\n<p>The analysis will take place \u201cwithin six months\u201d, and \u201cthe outcome will depend on Fitch\u2019s assessment of the appropriate notching based on the new criteria\u201d, and may remain as is, go up or go down.<\/p>\n<p>\u201cDue to the introduction of the +\/- modifiers in the \u2018CCC\u2019 category, 11 sovereigns currently rated \u2018CCC\u2019 (Long-Term Foreign-Currency Issuer Default Rating (LT FC IDR) and Long-Term Local-Currency (LT LC) IDRs: Argentina, Republic of Congo, Ethiopia, Laos, Mozambique, Tunisia and Ukraine; LT FC IDR only: El Salvador; and LT LC IDR only: Sri Lanka, Zambia, and Belarus) could experience a one-notch rating change, potentially migrating from \u2018CCC\u2019 to \u2018CCC-\u2019 or \u2018CCC+\u2019,\u201d Fitch reports.<\/p>\n<p>Fitch Ratings\u2019 last assessment of Mozambique\u2019s debt was made on March 11, 2022, with the agency deciding to keep the rating at CCC while forecasting growth of 4.5% this year and 8% in 2023 and a decline in public debt to 104.5% of GDP.<\/p>\n<p><b>READ: Fitch affirms Mozambique at \u2018CCC\u2019<\/b><\/p>\n<p>\u201cMozambique\u2019s \u2018CCC\u2019 rating reflects elevated government debt levels, limited sources of financing combined with high fiscal and external financing needs, still unresolved public-sector debt liabilities, low GDP per capita, weak governance indicators, a difficult security situation and vulnerability to natural disaster,\u201d a note released at the time read.<\/p>\n<p>The CCC level, three levels above the Financial Default (\u2018default\u2019), means that \u201cdefault is a real possibility\u201d, according to the rating agency\u2019s methodology.<\/p>\n<p>Mozambique\u2019s debt-to-GDP ratio, Fitch says, is expected to remain high, despite the downward trend from 112.4% at the end of 2021 to 104.5% this year, and a forecast of 97.6% in 2023.<\/p>\n<p>Still on the public debt ratio, one of the highest in sub-Saharan Africa, Fitch Ratings again warns that adherence to the Common Framework in addition to the Debt Service Suspension Initiative (DSSI), created by the G20 in April 2020, would cause the country to enter \u2018default\u2019.<\/p>\n<p>\u201cThe Government has not yet taken a decision on joining the Common Framework beyond the DSSI, which we see as a distinct possibility; comparable treatment by private creditors should be one of the requirements of the agreement, which could affect the issuance of debt maturing in 2031, and Fitch would likely view debt restructuring to private sector creditors as a \u2018problematic debt swap\u2019 and, consequently, a \u2018default\u2019,\u201d the analysis concludes.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/mozambique\">Mozambique<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Mozambique. The financial rating agency Fitch Ratings will review the criteria for assigning the CCC rating to 11 countries, including Mozambique, and may maintain, raise or lower the rating by one level in the next six months. \u201cFitch Ratings has placed Mozambique\u2019s \u2018CCC\u2019 Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) and debt [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":23091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-23092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fitch places Mozambique UCO on Final Sovereign Rating Criteria - 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