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Wed,22Nov2017

Fitch

No junk status for South Africa, but Fitch says low GDP worrisome

Photo©Denis Farrell/AP/SIPARatings agency, Fitch has become the third agency to affirm South Africa's BBB minus investment grade rating, with a stable outlook, but have said low gross domestic product (GDP) growth remains a big worry.

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South Africa's political risks may derail economy, says Standard & Poor's

Pravin Gordhan, South Africa's finance minister. Photo©ReutersStandard & Poor's said on Monday that political upheaval might derail South Africa's economy and that it expected that risk to intensify ahead of local government elections on 3 August, although it does not anticipate a recession.

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Pravin Gordhan can't predict whether South Africa will be downgraded

South Africa's finance minister, Pravin Gordhan. Photo©Mike Hutchings/AP/SIPAFinance Minister Pravin Gordhan has said it was still unclear whether South Africa's debt could be downgraded by Standard & Poor's and Fitch after holding discussions with the rating agencies last week, the Financial Mail reported on Thursday.

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Finance: South Africa's growth path not at risk over political tensions

President Jacob Zuma survived an impeachment vote and has faced calls to step down. Photo©ReutersPolitical upheavals will not divert the government's attention from implementing growth policies in South Africa as it battles to stave off potential credit rating downgrades, the Treasury said on Monday.

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South Africa cuts growth outlook as drought weighs

South Africa's 2016 GDP growth could be the lowest since a 2009 recession, reflecting the impact of a severe domestic drought and a depressed global economy, the Treasury said on Wednesday in its budget.

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Departure of South African Finance Minister Nhlanhlan Nene raises negative questions - Fitch

Nhlanhlan Nene. Photo©ReutersRatings agency Fitch said on Thursday the surprise departure of South African Finance Minister Nhlanhla Nene raised "more negative than positive questions" for the country.

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Finance: Fitch sees Brazil, Middle East/Africa region vulnerable to 2016 downgrades

Emerging markets face another wave of ratings downgrades next year, with Brazil at risk of a cut to junk and the Africa/Middle East region potentially given a 'negative outlook', Fitch Ratings' top sovereign analyst said in an interview.

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Zambia urges investors to ignore 'unsolicited' Moody's downgrade

Zambia's government urged investors to ignore what it called an unsolicited credit downgrade from rating agency Moody's, adding it was mindful of the need to maintain its debt at sustainable levels.

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Fitch keeps South Africa at BBB, outlook to negative

Rand, South African currency©ReutersFitch ratings agency affirmed South Africa's BBB credit rating on Friday but changed its outlook to negative from stable, citing poor prospects for economic growth and rising public debt.

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Ghana hits a roadblock as fiscal instability undermines growth

Photo©ReutersFor a decade, Ghana powered ahead as it started pumping oil, won debt forgiveness, achieved coveted middle-income status and saw five years of economic growth above 8 percent that made it the envy of other African nations.

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Business: Everybody is captivated by the Africa narrative

PTA Bank President, Admassu TadesseThe COMESA-based financial institution is expanding its geographical reach in Africa and attracting investors from the continent, Asia and Europe.

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Me-tooism approaches payback time - Hannibal

If your neighbours get a cheap loan to build their new railway, you are going to want one too. But Hannibal cannot help worrying about the flush of 'me-tooism' behind the flurry of African countries heading to the international sovereign debt markets.

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Can Africa ignore the fiscal fight in the US?

ANNABEL BISHOP Chief Economist, Investec/Photo©ALIX CARMICHELEExports and commodity prices on the continent are likely to be hit by the knock-on effect of President Barack Obama's lingering fiscal headache. Interview with Annabel Bishop, chief economist at Investec.

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China's Exim bank: Africa's largest financier looks for an even bigger role

China Exim and the China Development Bank gave $120bn in loans between 2009 and 2010/Photo©JING WEI/IMAGINECHINAAlready the largest stakeholder in Africa's export-import bank, Beijing is cementing its role on the continent, with new loan pledges such as $20bn promised at a summit in July.

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Slow progress for North African ratings

Ratings agencies have been tough on North African countries in the past year.

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Nigerian optimism returns as reforms yield results

Central bank governor Lamido Sanusi has stressed the need for the establishment of more middle-sized banks/Photo©ReutersThe heavy write-down that Nigerian banks had to take on their books last year meant a healthier crop of results this year, signs the sector reforms are finally starting to bite.

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