{"id":24143,"date":"2022-07-05T12:59:34","date_gmt":"2022-07-05T12:59:34","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/fitch-downgrades-dbn-too"},"modified":"2022-07-05T13:13:43","modified_gmt":"2022-07-05T13:13:43","slug":"fitch-downgrades-dbn-too","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/fitch-downgrades-dbn-too","title":{"rendered":"Fitch downgrades DBN too"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>CREDIT rating agency, Fitch Ratings has knocked the Development Bank of Namibia’s creditworthiness down to the last notch before investors start seeing the bank as a high lending risk.<\/b><\/p>\n

The rating agency says the DBN’s outlook is stable, however, and should there be an improvement in the state’s debt affairs, an upward revision is possible.<\/p>\n

Owned 100% by the state through the Ministry of Finance, the DBN is funded by state money and funds from other development agencies.<\/p>\n

Last month Fitch downgraded Namibia to a rating of BB-, saying the country was on a negative debt trajectory.<\/p>\n

Both debt and interest rates on the involved debt were considered too high, and the local economy might not be able to expand to sustain this debt.<\/p>\n

Fitch’s only option was therefore to lower the country’s strength in terms of is ability to repay its debts to the last category before being labelled it high risk.<\/p>\n

\u201cDBN’s BB- long-term IDR is equalised with that of Namibia, reflecting a moderate probability of support from the Namibian authorities. The stable outlook on the DBN’s long-term IDR mirrors that on the sovereign rating,\u201d Fitch says.<\/p>\n

\u201cThe rating is aligned with Namibia’s national rating based on potential support, and reflects the bank’s creditworthiness relative to that of issuers in South Africa and Namibia.<\/p>\n

\u201cThe stable outlook reflects that on the sovereign’s national rating,\u201d the rating agency says.<\/p>\n

It says the DBN is Namibia’s flagship policy bank and contributes to the country’s economic growth and social development.<\/p>\n

Its strategy is aligned with national development objectives and is highly influenced by Namibian government policy, with oversight from its shareholder representative, the finance ministry.<\/p>\n

The DBN focuses on financing infrastructure, developmental and large industrial projects in strategically important sectors, and, to a lesser degree, financing small and medium enterprises.<\/p>\n

According to the DBNs recent financial statements, the balance sheet is reaching N$10 billion, with over N$5 billion sitting as credit facilities.<\/p>\n

The government guarantees all the DBN’s borrowing, and at the end of the 2021 financial year, these guarantees covered 95% of all borrowing, additional to its own debt.<\/p>\n

According to Fitch, \u201cthe DBN’s ratings could be upgraded if Namibia’s sovereign ratings are upgraded\u201d.<\/p>\n

Additionally, should the DBN sell part of its shareholding, it could lead to a better credit rating.<\/p>\n

Should the proportion of non-guaranteed funding increase materially, particularly if Fitch believes this to be indicative of a weakening in its policy role, or should the government ownership reduce significantly, which Fitch views as unlikely, this could cause the DBN to be downgraded, the agency says.<\/p>\n

Atempts to reach DBN’s executive proved futile by the time of going to print.<\/p>\n

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

Africa-Press – Namibia. CREDIT rating agency, Fitch Ratings has knocked the Development Bank of Namibia’s creditworthiness down to the last notch before investors start seeing the bank as a high lending risk. The rating agency says the DBN’s outlook is stable, however, and should there be an improvement in the state’s debt affairs, an upward […]<\/p>\n","protected":false},"author":84,"featured_media":24142,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-24143","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-namibia","tag-namibia"],"yoast_head":"\nFitch downgrades DBN too - Namibia<\/title>\n<meta name=\"description\" content=\"CREDIT rating agency, Fitch Ratings has knocked the Development Bank of Namibia's creditworthiness down to the last n ...\" \/>\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\/namibia\/all-news\/fitch-downgrades-dbn-too\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch downgrades DBN too\" \/>\n<meta property=\"og:description\" content=\"CREDIT rating agency, Fitch Ratings has knocked the Development Bank of Namibia's creditworthiness down to the last n ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/fitch-downgrades-dbn-too\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-05T12:59:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-05T13:13:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/07\/postQueueImg_21-62c438f69494a.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"419\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fitch-downgrades-dbn-too#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fitch-downgrades-dbn-too\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Fitch downgrades DBN too\",\"datePublished\":\"2022-07-05T12:59:34+00:00\",\"dateModified\":\"2022-07-05T13:13:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fitch-downgrades-dbn-too\"},\"wordCount\":470,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fitch-downgrades-dbn-too#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/07\/postQueueImg_21-62c438f69494a.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/fitch-downgrades-dbn-too#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fitch-downgrades-dbn-too\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fitch-downgrades-dbn-too\",\"name\":\"Fitch downgrades DBN too - 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