Fitch affirms Ethiopia

Fitch Ratings said it affirmed Ethiopia's long-term foreign and local currency issuer default ratings at B.

The issue ratings on senior unsecured foreign currency bonds were also affirmed at B, in addition to the country ceiling and the short-term foreign currency issuer default rating.

The outlooks are stable.

Ethiopia's B issuer default ratings reflect a balance between the economy's high exposure to weather and commodity price shocks, as illustrated by particularly weak development and governance indicators, and strong economic growth associated with improved public and external debt ratios since debt relief under HIPC in 2005-2007, Fitch said.

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