Economy
Fitch Ratings Downgrades Ethiopia to 'Restricted Default'
Wazema · 3 hours ago · Read the Full Story on Wazema
AI SUMMARY
Fitch Ratings has downgraded Ethiopia's foreign currency debt to 'Restricted Default' primarily due to the country's failure to repay its $1 billion Eurobond.
- Fitch Ratings downgraded Ethiopia's foreign currency debt to 'Restricted Default'.
- The downgrade was primarily driven by Ethiopia's failure to repay its $1 billion Eurobond.
- Ethiopia has made progress in negotiations and fixed its relations with most Eurobond creditors.
- Fitch indicated a better credit rating will be assigned once the Eurobond restructuring process is finalized.
- The agency warned that the conflict in Tigray poses a threat to Ethiopia's economic recovery efforts.
- A 'Restricted Default' rating is assigned to countries that have failed to pay a portion of their debt while servicing others.
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