S&P lowers Mozambique credit rating

Comment on this story
MozambiqueFlag REUTERS

Sydney - Standard and Poor's Ratings Services lowered Mozambique's long-term foreign and local currency sovereign credit rating to B from B+ on Friday, with a stable outlook.

The ratings agency said the downgrade reflects Mozambique's higher fiscal deficits and faster debt accumulation compared with S&P's expectations.

“Mozambique's external commercial borrowing increased in 2013,” S&P said in a statement.

“We now estimate the average change in general government debt will be a high of 8.8 percent of GDP over 2014-2017, compared with 4 percent over 2010-2013.” - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines