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S&P revises Ethiopia view to negative
S&P said it revised its outlook on Ethiopia to negative from stable.
At the same time, the agency affirmed its B/B long- and short-term foreign and local currency sovereign credit ratings on Ethiopia.
“High public sector external debt and limited fiscal and monetary reserves leave Ethiopia's economy vulnerable to a newly volatile global backdrop,” S&P said in a news release.
“We expect the Covid-19 pandemic will weaken Ethiopia's economic and fiscal metrics through 2021, and weigh on important sources of foreign currency, including tourism.”
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