{"id":70679,"date":"2024-06-07T17:16:36","date_gmt":"2024-06-07T17:16:36","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-retains-b1-credit-rating-outlook-upgraded-to-positive"},"modified":"2024-06-07T17:43:01","modified_gmt":"2024-06-07T17:43:01","slug":"namibia-retains-b1-credit-rating-outlook-upgraded-to-positive","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-retains-b1-credit-rating-outlook-upgraded-to-positive","title":{"rendered":"Namibia retains B1 credit rating \u2026outlook upgraded to positive"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Minister of Finance and Public Enterprises, Iipumbu Shiimi, has announced that Namibia\u2019s sovereign credit rating has been retained at B1 and its outlook upgraded to positive from stable by Moody\u2019s Investor Services.<\/p>\n

In his ministerial statement presented in Parliament on Tuesday, Shiimi said Moody\u2019s recent assessment and review of Namibia\u2019s sovereign credit rating retained the country\u2019s B1 credit rating while upgrading the outlook from stable to positive.<\/p>\n

\u201cThe positive outlook reflects Namibia\u2019s improved growth prospects supported not only by cyclical factors like higher commodity prices in a post-pandemic environment and renewed investments in the traditional mining industries, but also by the prospect of significant new hydrocarbon and renewable energy resource developments,\u201d he said. Shiimi explained that Namibia has subscribed to two credit rating agencies (Moody\u2019s Investors Service and Fitch Ratings) to provide assurance and measure the government\u2019s ability to honour its debt obligations.<\/p>\n

Shiimi noted that Namibia signed up with Moody\u2019s Investors Service in 2011 and was assigned an investment grade credit rating of Baa3 with a stable outlook in September 2011, prior to the launch of Namibia\u2019s first Euro Bond in October 2011.<\/p>\n

\u201cThe investment grade rating reflected the government\u2019s track record of responsible financial management and maintenance of low public debt, as well as an investor-friendly policy framework, reinforced by political and economic stability and steady economic growth prospects,\u201d he added.<\/p>\n

The minister added that as a small, open economy that is highly dependent on the exportation of minerals, the highly volatile commodity prices are generally considered a risk to Namibia\u2019s revenue performance.<\/p>\n

He said after the 2016\/2017 economic recession and the bust in the commodity price cycles that weakened Namibia\u2019s economy, the government debt, both domestic and foreign, started rising, which led to the high cost of debt servicing. Shiimi explained that these developments affected the trust and credibility of fiscal policy stance as public debt levels were deemed unsustainable, leading to the adjustment in the outlook to negative and eventually the first downgrade of Namibia\u2019s credit rating in August 2017 from Baa3 to Ba1. He added that in the subsequent years until 2022, Namibia\u2019s credit rating came under pressure and continued on a downward path until April 2022 when the sovereign credit rating was downgraded to B1.<\/p>\n

The downgrade reflected the economy\u2019s reduced shock absorption capacity and the continued increase in the debt to GDP ratio at the time induced by the Covid-19 effects.<\/p>\n

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

Africa-Press – Namibia. Minister of Finance and Public Enterprises, Iipumbu Shiimi, has announced that Namibia\u2019s sovereign credit rating has been retained at B1 and its outlook upgraded to positive from stable by Moody\u2019s Investor Services. In his ministerial statement presented in Parliament on Tuesday, Shiimi said Moody\u2019s recent assessment and review of Namibia\u2019s sovereign credit […]<\/p>\n","protected":false},"author":84,"featured_media":70678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-70679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNamibia retains B1 credit rating \u2026outlook upgraded to positive - Namibia<\/title>\n<meta name=\"description\" content=\"Minister of Finance and Public Enterprises, Iipumbu Shiimi, has announced that Namibia\u2019s sovereign credit rating has bee ...\" \/>\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\/namibia-retains-b1-credit-rating-outlook-upgraded-to-positive\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namibia retains B1 credit rating \u2026outlook upgraded to positive\" \/>\n<meta property=\"og:description\" content=\"Minister of Finance and Public Enterprises, Iipumbu Shiimi, has announced that Namibia\u2019s sovereign credit rating has bee ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-retains-b1-credit-rating-outlook-upgraded-to-positive\" \/>\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=\"2024-06-07T17:16:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-07T17:43:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/06\/sm_1717769365.747351.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\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\/namibia-retains-b1-credit-rating-outlook-upgraded-to-positive#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-retains-b1-credit-rating-outlook-upgraded-to-positive\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Namibia retains B1 credit rating \u2026outlook upgraded to positive\",\"datePublished\":\"2024-06-07T17:16:36+00:00\",\"dateModified\":\"2024-06-07T17:43:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-retains-b1-credit-rating-outlook-upgraded-to-positive\"},\"wordCount\":428,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-retains-b1-credit-rating-outlook-upgraded-to-positive#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/06\/sm_1717769365.747351.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-retains-b1-credit-rating-outlook-upgraded-to-positive#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-retains-b1-credit-rating-outlook-upgraded-to-positive\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-retains-b1-credit-rating-outlook-upgraded-to-positive\",\"name\":\"Namibia retains B1 credit rating \u2026outlook upgraded to positive - 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