Tag: Fitch Ratings
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Fitch affirms Ghana’s rating at ‘RD’; expects agreement with official creditor to be reached by end-2023
Fitch Ratings has affirmed Ghana’s Long-Term Foreign-Currency (LTFC) and Long-Term Local-Currency (LTLC) Issuer Default Ratings (IDR) at ‘RD’. Fitch on February 21, 2023, downgraded Ghana’s LTFC IDR to ‘RD’ from ‘C’ due to a missed Eurobond coupon payment. According to Fitch, Ghana has since made progress with official creditors for external debt restructuring, aiming to…
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World growth holding up, but interest rates to peak higher – Fitch
Global growth is showing near-term resilience but with core inflation remaining stubbornly high, central banks will have to continue tightening policy in the coming months, says Fitch Ratings in its June Global Economic Outlook (GEO), released today. With monetary policy adjustments and their impact on the economy proving more protracted, the global growth outlook for…
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Ghana’s public debt to GDP decreased by 1% despite debt restructuring – Fitch
Despite a significant redemption reprofiling and a substantial reduction in interest rates, Ghana’s public debt-to-Gross Domestic Product (GDP) has only decreased by one percentage point to just above 100% of GDP, according to rating agency Fitch. This assessment was made using the standard 5% discount rates that apply in the International Monetary Fund/World Bank debt…
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Fitch downgrades Ghana’s long-term local currency to RD
Fitch Ratings has lowered the Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) of Ghana to restricted default (RD) from ‘CCC’. This action was taken due to missed payments on certain local-currency bonds issued before the domestic debt exchange programme (DDEP). Although last month, Ghana’s LTLC IDR was upgraded to ‘CCC’ from ‘RD’ because of the…
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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…