Fitch downgrades Namibia

November 20, 2017, 6:19pm

Fitch Ratings has downgraded Namibia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB+' from 'BBB-' with a stable outlook.

 “The downgrade of the Long-Term Foreign-Currency IDR reflects weaker-than-forecast fiscal outcomes and our projection that public debt-to-GDP will continue to rise over the medium term,” says Fitch.

This will leave debt in financial year 2019 (FY19, to end-March 2020) at nearly double the ratio in FY14.