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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572 Documents

Title	Issuer/Entity
Government of Kenya: Lower growth and tax cuts will delay fiscal consolidation 25 JUN 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE Kenya's government will struggle to narrow the fiscal deficit in fiscal 2021, as low growth and previously announced tax cuts weigh on revenue collection.	Kenya, Government of
Banking – Central & Eastern Europe: Higher credit costs and lower interest rates erode profitability for the largest CEE banks 23 JUN 2020\|Sector In-Depth\|MOODY'S INVESTORS SERVICE Loan-loss provisioning costs rise in the first quarter as borrower finances are hurt by the coronavirus crisis.
Government of the Republic of the Congo: Debt moratorium provides modest liquidity relief, risks for private creditors consistent with Caa2 rating 12 JUN 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE Participation in the G-20 DSSI will modestly ease pressures from the oil price shock. Although the relief increases risks for private creditors, they are consistent its Caa2 rating.	Republic of the Congo, Government of
Sovereigns – West Africa: West Africa's currency reform benefits from continued convertibility guarantee 09 JUN 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE As long as the currency backstop in WAEMU remains effective and credible, the reforms to institute the ECO will have no significant sovereign credit implications.
Government of Egypt: FAQ on the impact of coronavirus on event risk, public finances and longer-term credit trends 08 JUN 2020\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE Egypt's improved financial shock-absorption capacity is balanced by the uncertain pandemic impact on growth and on fiscal metrics, and supported by improved policy credibility, effectiveness	Egypt, Government of
Government of Niger: Niger's participation in G-20 debt-service relief carries risks for private creditors 05 JUN 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE Participation in the G-20 debt-relief initiative provides short-term liquidity relief but entails risks for private creditors, which could have negative rating implications.	Niger, Government of
Government of Namibia: Slower-than-expected debt stabilisation increases Namibia's vulnerability to global financial conditions 01 JUN 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE Short-term measures to combat the coronavirus pandemic will increase Namibia's debt and add to its debt burden, but a return to fiscal consolidation will be the long-term challenge.	Namibia, Government of
Sovereigns – Sub-Saharan Africa: World Bank's emergency funding for East Africa points to risks from intensifying locust swarms 22 MAY 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE The package provides funding for governments already challenged by the coronavirus pandemic and locust swarms, but the aid is modest relative to the magnitude of those twin shocks.
Africa Finance Corporation – A3 negative: Annual credit analysis 21 MAY 2020\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE An in-depth analysis of the AFC's credit profile, highlighting sound capital adequacy that balances weak borrower quality and asset performance against healthy profitability and low leverage	Africa Finance Corporation
Banks – South Africa: South Africa's loan guarantee scheme will mitigate coronavirus strain on banks' SME loan portfolio 18 MAY 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE The scheme is designed to support small and midsize enterprises and may partially mitigate the pandemic's negative effect on banks' asset quality. However, their credit profiles will weaken

Title	Issuer/Entity
Government of Kenya: Lower growth and tax cuts will delay fiscal consolidation 25 JUN 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE Kenya's government will struggle to narrow the fiscal deficit in fiscal 2021, as low growth and previously announced tax cuts weigh on revenue collection.	Kenya, Government of
Banking – Central & Eastern Europe: Higher credit costs and lower interest rates erode profitability for the largest CEE banks 23 JUN 2020\|Sector In-Depth\|MOODY'S INVESTORS SERVICE Loan-loss provisioning costs rise in the first quarter as borrower finances are hurt by the coronavirus crisis.
Government of the Republic of the Congo: Debt moratorium provides modest liquidity relief, risks for private creditors consistent with Caa2 rating 12 JUN 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE Participation in the G-20 DSSI will modestly ease pressures from the oil price shock. Although the relief increases risks for private creditors, they are consistent its Caa2 rating.	Republic of the Congo, Government of
Sovereigns – West Africa: West Africa's currency reform benefits from continued convertibility guarantee 09 JUN 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE As long as the currency backstop in WAEMU remains effective and credible, the reforms to institute the ECO will have no significant sovereign credit implications.
Government of Egypt: FAQ on the impact of coronavirus on event risk, public finances and longer-term credit trends 08 JUN 2020\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE Egypt's improved financial shock-absorption capacity is balanced by the uncertain pandemic impact on growth and on fiscal metrics, and supported by improved policy credibility, effectiveness	Egypt, Government of
Government of Niger: Niger's participation in G-20 debt-service relief carries risks for private creditors 05 JUN 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE Participation in the G-20 debt-relief initiative provides short-term liquidity relief but entails risks for private creditors, which could have negative rating implications.	Niger, Government of
Government of Namibia: Slower-than-expected debt stabilisation increases Namibia's vulnerability to global financial conditions 01 JUN 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE Short-term measures to combat the coronavirus pandemic will increase Namibia's debt and add to its debt burden, but a return to fiscal consolidation will be the long-term challenge.	Namibia, Government of
Sovereigns – Sub-Saharan Africa: World Bank's emergency funding for East Africa points to risks from intensifying locust swarms 22 MAY 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE The package provides funding for governments already challenged by the coronavirus pandemic and locust swarms, but the aid is modest relative to the magnitude of those twin shocks.
Africa Finance Corporation – A3 negative: Annual credit analysis 21 MAY 2020\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE An in-depth analysis of the AFC's credit profile, highlighting sound capital adequacy that balances weak borrower quality and asset performance against healthy profitability and low leverage	Africa Finance Corporation
Banks – South Africa: South Africa's loan guarantee scheme will mitigate coronavirus strain on banks' SME loan portfolio 18 MAY 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE The scheme is designed to support small and midsize enterprises and may partially mitigate the pandemic's negative effect on banks' asset quality. However, their credit profiles will weaken