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Africa: Emergence and transformation
With the entry of several African sovereigns and large corporations into international debt capital markets and the corporate operating environment prompted this centralized source for Moody's research.
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  • SUMMARY
  • REPORTS
    • SECTOR COMMENT
    Financial Stability – Africa: Credit impact of West Africa’s currency reform hinges on continued credibility of currency regime
    23 Jan 2020|Moody's Investors Service
    The changes have minimal credit implications in the short term for sovereigns and banks given that WAEMU members and the French authorities remain committed to the currency's euro peg.
    SECTOR IN-DEPTH
    Regional & Local Governments – Africa: Weak fiscal capacity will constrain sustainable development, a credit negative
    14 Jan 2020|Moody's Investors Service
    African RLGs' weak fiscal capacity will limit their ability to spend on infrastructure and other capital projects, which, in turn, will constrain their sustainable development.
    SECTOR COMMENT
    Financial Institutions – Africa: Nigeria reiterates central bank's minimum loan-to-deposit regulation, a credit negative
    13 Jan 2020|Moody's Investors Service
    The Cental Bank of Nigeria's continuation of its mimimum loan-to-deposit ratio requirement will continue to draw liquidity from banks and force them to take riskier loans.
    OUTLOOK
    Sovereigns – Sub-Saharan Africa: 2020 outlook negative as existing credit challenges compounded by worsening external environment
    13 Jan 2020|Moody's Investors Service
    Our 2020 outlook for sovereign creditworthiness in Sub-Saharan Africa (SSA) remains negative. Limited progress in reducing credit risks related to elevated debt burdens and debt servicing needs weakens the region's shock absorption capacity as the global environment worsens.