Tag: fitch ratings agency
-
Fitch upgrades Ghana’s Long-term local-currency IDR from ‘RD’ to ‘CCC
International rating agency, Fitch, has upgraded Ghana’s Long-Term (LT) Local-Currency (LC) Issuer Default Rating (IDR) to ‘CCC’ from ‘RD’. The issue ratings on local-currency bonds issued domestically that have not matured yet have also been upgraded to ‘CCC’ from ‘D’. Fitch has affirmed Ghana’s Long-Term Foreign-Currency (FC) IDR at ‘RD’. Fitch typically does not assign…
-
Fitch downgrades Ghana’s creditworthiness to ‘Restricted Default’ from ‘C’
International rating agency, Fitch, has further downgraded Ghana’s Long-Term creditworthiness to Restricted Default (RD) from ‘C’. The issue ratings on local-currency bonds issued domestically have also been downgraded to Default (D) from ‘C’. In a statement, Fitch also affirmed Ghana’s Long-Term Foreign Currency (FC) IDR at ‘C’. Fitch typically does not assign Rating Outlooks to…
-
Fitch downgrades Ghana again; moves country from ‘CCC’ to ‘CC’
Ghana’s credit ratings have seen another downgrade. The latest downgrade by Fitch Ratings saw Ghana’s long-term local and foreign-currency issuer default ratings (IDRs) drop to ‘CC’, from ‘CCC’. This comes almost a month after the country suffered a hit when its credit rating was downgraded by Fitch Ratings from B- to CCC in August 2022.…
-
Dr. Atuahene attributes Fitch’s downgrade of banks to Ghana’s overall economic performance
Banking and corporate governance consultant, Dr. Richmond Atuahene, has attributed the downgrade of three domestic banks by Fitch Ratings agency to the overall economic performance of the country. He explains that the overdependence on government bonds and bills which has been underperforming for some time now has put them in this state. On August 22,…
-
Fitch downgrades three Ghanaian banks’ VRs to ‘CCC’ on Sovereign Downgrade
Fitch Ratings has downgraded Ecobank Ghana Limited’s, Guaranty Trust Bank (Ghana) Limited’s (GTB Ghana) and United Bank for Africa (Ghana) Limited’s (UBA Ghana) Viability Ratings (VRs) to ‘ccc’ from ‘b-‘. Fitch has affirmed the Shareholder Support Ratings (SSRs) of Ecobank Ghana at ‘ccc+’ and of GTB Ghana and UBA Ghana at ‘b-‘. The Long-Term Issuer…
-
E-levy to push gov’t revenue to 20% of GDP in 2022 – Fitch projects
International rating agency, Fitch, has projected that the electronic transaction levy will help increase government revenue to 20 percent of GDP in 2022. The 1.75% electronic transaction levy, also known as the e-levy, has become a controversial subject in the country, with both sides in Parliament sharply divided over its approval. While the Majority is…
-
Fitch downgrade due to excessive borrowing to finance political promises – Analysts
Economic analysts have blamed the pressures of government’s many political promises for the country’s economic woes and the recent downgrade in Fitch’s ratings. According to them, the continuous borrowing to fulfill expensive social and infrastructural development needs had led the country to a place of severe indebtedness that it continues to struggle to service those…
-
Fitch downgrades Ghana’s credit rating from B to B- with negative outlook
International ratings agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to B negative from B with a negative outlook. According to the agency, the move was over concerns that the economy faced increased risks in servicing its debts in the medium to long term. A report by the agency further states that,”…