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Published on 8/30/2007 in the Prospect News Emerging Markets Daily.

Fitch affirms Uganda

Fitch Ratings said it affirmed the Republic of Uganda's foreign- and local-currency issuer default ratings at B with stable outlook. The country ceiling is affirmed at B and the short-term foreign-currency issuer default rating at B.

Uganda has a long track record of macroeconomic stability and reform, Fitch said, while debt relief has delivered steep reductions in Uganda's public and external debt ratios, bringing them into line with B medians.

Nonetheless, Uganda remains a relatively closed economy, per capita GDP still lags well behind the B median and external donor assistance remains a key support for the budget and the balance of payments, the agency said.


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