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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541 Documents

Title	Issuer/Entity
Financial Stability – Africa: Credit impact of West Africa’s currency reform hinges on continued credibility of currency regime 23 JAN 2020\|Sector Comment\|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.
Regional & Local Governments – Africa: Weak fiscal capacity will constrain sustainable development, a credit negative 14 JAN 2020\|Sector In-Depth\|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.
Sovereigns – Sub-Saharan Africa: 2020 outlook negative as existing credit challenges compounded by worsening external environment 13 JAN 2020\|Outlook\|MOODY'S INVESTORS SERVICE 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.
Financial Institutions – Africa: Nigeria reiterates central bank's minimum loan-to-deposit regulation, a credit negative 13 JAN 2020\|Sector Comment\|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.
Government of Nigeria – B2 negative: Annual credit analysis 12 DEC 2019\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE An in-depth analysis of the four analytical factors underlying Nigeria's credit profile highlights very low institutions and governance strength, and a narrow, oil-reliant revenue base.	Nigeria, Government of
Sovereigns – Sub-Saharan Africa: African monetary unions reduce external risks, but show little growth benefit 12 DEC 2019\|Sector In-Depth\|MOODY'S INVESTORS SERVICE While membership of the CFA franc currency unions has reduced external risks, it has not led to significant economic, institutional or sovereign credit convergence for member states.
Inside Africa: December 2019 06 DEC 2019\|Compilations\|Inside Africa\|MOODY'S INVESTORS SERVICE This compendium brings together Moody’s recent research on African sovereign, banking and corporate finance credit.
Government of Nigeria – B2 Negative: Update following outlook change to negative, ratings affirmed 04 DEC 2019\|Credit Opinion\|MOODY'S INVESTORS SERVICE Our credit view of Nigeria reflects the country's substantial hydrocarbons endowment balanced by very low institutions and governance strength and a very narrow revenue base.	Nigeria, Government of
Moody's - CEMAC members face rising external risks as oil exports decline 28 NOV 2019\|Research Announcement\|MOODY'S INVESTORS SERVICE The external position of the CEMAC union will weaken without prolonged support from development finance institutions ahead of Eurobond principal payments.
Sovereigns - Africa: External risks faced by CEMAC sovereigns will intensify without new IMF programmes 28 NOV 2019\|Sector In-Depth\|MOODY'S INVESTORS SERVICE The external position of the CEMAC union will weaken without prolonged support from development finance institutions ahead of Eurobond principal payments.

Title	Issuer/Entity
Financial Stability – Africa: Credit impact of West Africa’s currency reform hinges on continued credibility of currency regime 23 JAN 2020\|Sector Comment\|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.
Regional & Local Governments – Africa: Weak fiscal capacity will constrain sustainable development, a credit negative 14 JAN 2020\|Sector In-Depth\|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.
Sovereigns – Sub-Saharan Africa: 2020 outlook negative as existing credit challenges compounded by worsening external environment 13 JAN 2020\|Outlook\|MOODY'S INVESTORS SERVICE 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.
Financial Institutions – Africa: Nigeria reiterates central bank's minimum loan-to-deposit regulation, a credit negative 13 JAN 2020\|Sector Comment\|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.
Government of Nigeria – B2 negative: Annual credit analysis 12 DEC 2019\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE An in-depth analysis of the four analytical factors underlying Nigeria's credit profile highlights very low institutions and governance strength, and a narrow, oil-reliant revenue base.	Nigeria, Government of
Sovereigns – Sub-Saharan Africa: African monetary unions reduce external risks, but show little growth benefit 12 DEC 2019\|Sector In-Depth\|MOODY'S INVESTORS SERVICE While membership of the CFA franc currency unions has reduced external risks, it has not led to significant economic, institutional or sovereign credit convergence for member states.
Inside Africa: December 2019 06 DEC 2019\|Compilations\|Inside Africa\|MOODY'S INVESTORS SERVICE This compendium brings together Moody’s recent research on African sovereign, banking and corporate finance credit.
Government of Nigeria – B2 Negative: Update following outlook change to negative, ratings affirmed 04 DEC 2019\|Credit Opinion\|MOODY'S INVESTORS SERVICE Our credit view of Nigeria reflects the country's substantial hydrocarbons endowment balanced by very low institutions and governance strength and a very narrow revenue base.	Nigeria, Government of
Moody's - CEMAC members face rising external risks as oil exports decline 28 NOV 2019\|Research Announcement\|MOODY'S INVESTORS SERVICE The external position of the CEMAC union will weaken without prolonged support from development finance institutions ahead of Eurobond principal payments.
Sovereigns - Africa: External risks faced by CEMAC sovereigns will intensify without new IMF programmes 28 NOV 2019\|Sector In-Depth\|MOODY'S INVESTORS SERVICE The external position of the CEMAC union will weaken without prolonged support from development finance institutions ahead of Eurobond principal payments.