Moody’s: Deeper junk status for Nam

Jo-Maré Duddy – Moody’s has downgraded government’s long-term issuer and senior unsecured ratings to three notches below investment status.
Issuing its ratings action last night, Moody’s said the downgrade reflects a further weakening in Namibia's fiscal strength despite policy statements of plans to rein in the fiscal deficit.
Namibia is now rated Ba3, down from the Ba2 rating it received a year ago.
Concurrently, Namibia's long-term local currency bond and bank deposit ceilings were lowered to Baa2 from Baa1. The long-term foreign currency bank deposit ceiling was lowered to B1 from Ba3, and the long-term foreign-currency bond ceiling was lowered to Ba1 from Baa3.
Moody’s outlook for Namibia remains negative.
Read the full report in Market Watch on Monday.