Ethiopia: First sovereign ratings pave way for Eurobond


Issue 277 - 20 May 2014 | 2 minute read

Moody’s, Standard and Poor’s and Fitch Ratings have all issued sovereign credit rating for Ethiopia, paving the way for the country to debut on international capital markets. Moody’s gave Ethiopia local and foreign currency issuer ratings of B1, with a stable outlook, while the other two agencies rated it B. Prime Minister Hailemariam Desalegn said last year that the country was planning a Eurobond once it had secured a credit rating, which would add it to the growing number of African countries issuing bonds. Last year, African countries including new issuers Gabon and Rwanda issued a record $11bn in sovereign bonds, up from $6bn in 2012.

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