Fitch revises Uganda view to negative

Fitch Ratings said it revised the outlook on Uganda’s long-term foreign-currency issuer default rating (idr) to negative from stable and affirmed the IDR at B+.

“The revision of the outlook on Uganda’s IDRs reflects downside risks to public finances and growth from the coronavirus shock amid a build-up of government debt and persistent twin deficits, which we expect will continue into the medium term,” Fitch said in a press release.

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