S&P affirms Ethiopia, outlook under appeal

S&P said it affirmed Ethiopia’s B/B ratings. The outlook is under appeal.

“Despite rising global uncertainty connected to Covid-19, we still expect Ethiopia to post solid GDP growth, albeit lower than in 2019,” the agency said in a news release.

“Ethiopia's weak external position and public finances remain significant rating constraints.”

Ethiopia requested an appeal of S&P’s decision on the outlook. The agency determined that the conditions for making an appeal had been met, and as a consequence, the agency will deviate from its calendar of 2020 EMEA sovereign, regional and local government rating publication dates to resolve the appeal.

“We plan to resolve it within two weeks,” the agency said.

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