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...Redge Nkosi Firstsource Money, Pretoria, South Africa Jason BraganzaAFRODAD, Nairobi, Kenya...
...About $5bn of African sovereign foreign currency bonds will become due this year, and a further approximately $6bn next year, according to Moody’s estimates....
...In May, Moody’s cut Kenya’s credit ratings one notch, citing “an increase in government liquidity risks”, adding that “domestic funding conditions have deteriorated considerably”....
...They include Haiti, Moldova and Kenya, to name a few....
...“In general, we are still at a stage where we are seeing more downside than upside pressure” said Marie Diron, managing director for global sovereign risk at Moody’s....
...According to Moody’s credit rating agency, the $500mn loan represents about 4 per cent of Gabon’s overall debt pile....
...Aanu Adeoye We’ve already seen Kenya, for example, get 1bn from the Fund. The Ivory Coast just agreed a 3.5bn deal with the Fund....
...a big deficit in houses, and mortgages have not really picked up as an asset class in most countries,” says Constantinos Kypreos, senior vice-president of financial institutions group for rating agency Moody...
...Similarly, a new line from Mombasa to Nairobi in Kenya, which cost $3.2bn, cuts journey times significantly....
...However, an August report from credit rating agency Moody’s said that over the next 12-18 months it expected Kenyan banks to continue “to have a high percentage of [loan] impairments”....
...(Today, he is married to the English suspense novelist Susan Moody.) Mary grew up immersed in outdoor sports....
...Some of those that have not yet signed up are at “high risk” of debt distress, including Ghana, Haiti and Kenya, while two — South Sudan and Somalia — are already in distress, according to the World Bank...
...Colin Ellis, global credit strategist at Moody’s Investors Service: UK growth will lag the US and most of Europe....
...A September research note by credit rating agency Moody’s warned the lack of commercial foreign banks had resulted in a “dominance of state-owned banks”, which account for about three-quarters of Ethiopia...
...Several countries, including Kenya, have imposed a curfew....
...“In Kenya, Barclays had to carry 100 per cent of capital, for 60 per cent ownership. They were giving away a lot of the upside to the risk,” says Mr Leger....
...Lucie Villa, vice-president in the sovereign group at Moody’s, which downgraded Kenya to a B2 rating with a stable outlook last year due to a long-running rise in debt and decline in government revenues,...
...But Kenya took a big step forward last week when the country’s first green bond raised $41m for Nairobi-based property developer Acorn Holdings....
...Lucie Villa, an analyst at Moody’s Investors Service, a rating agency, said the lack of details about the proposed tax meant it was premature to comment on the tax’s likely impact....
...Citi, JPMorgan, Standard Bank and Standard Chartered Bank are acting as bookrunners on Kenya’s deal. In addition to Kenya’s rating from Moody’s, it is rated B+ stable by S&P and B+ stable by Fitch....
...The bond issuance came despite credit rating agency Moody’s downgrading Kenya last week....
...Greece is the only eurozone country other than Cyprus to be classed as sub-investment grade, with ratings of B positive from S&P, B- positive from Fitch and Caa2 positive from Moody’s....
...Kenya is also paying attention and positioning to do the same....
...S&P and Moody’s both downgraded China in 2017....
...Mr Stock is keen on Nigeria, Cote d’Ivoire and Kenya, and wary of Mozambique, Ethiopia and Angola....
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