11 December 2012

Namibia: Nation Maintains Sovereign Credit Rating

FITCH Ratings has kept Namibia’s outlook as ‘stable’ and has reaffirmed the country’s long-term foreign currency issuer default rating (IDR) at ‘BBB-’.

The international rating agency last week kept Namibia’s long-term local currency IDR at ‘BBB’ and its short-term foreign currency IDR at ‘F3’. Fitch has also affirmed Namibia’s country ceiling at ‘A’.

Fitch based its rating on Government’s “strong balance sheet”. It said the country’s growth prospects remain strong and that “strong” foreign direct investment is expected to continue, especially in the mining sector.

On the risk front, Fitch said Namibia’s biggest challenge it the “higher than expected slowdown” in its main export partners like South Africa, the UK and the euro area.

Copyright © 2012 The Namibian. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.