Ghana’s upcoming $3bn Eurobond gets Fitch’s 'B(EXP)' rating

Global rating agency, Fitch, has rated Ghana's upcoming USD-denominated senior unsecured notes an expected rating of 'B(EXP)'. The rating falls in the category of junks and its risk levels highly speculative...


Global rating agency, Fitch, has rated Ghana's upcoming USD-denominated senior unsecured notes an expected rating of 'B(EXP)'.

The rating falls in the category of junks and its risk levels highly speculative.

The government of Ghana plans to use the sovereign bonds to shore up revenue for budget expenditure and payment of maturing notes.

Managers of the economy also aim to use the notes as a stopgap measure for the weakening Ghana Cedi, which strengthened by 0.2 per cent to 5.6452 per the US Dollar, the first weekly gain since 15 February 2019.

Meanwhile, Standards and Poor's (S&P) Global, another rating agency, has also assigned a rating of ‘B/Stable’ to the bonds.

S&P holds the view that Ghana currently has the capacity to meet its financial obligation but faces major ongoing uncertainties that could impact its financial commitment on the obligation.

Source: Ghana/ClassFMonline.com/91.3FM



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