Fitch affirms Ethiopia at B

Fitch Ratings said it affirmed Ethiopia's long-term foreign-currency issuer default rating at B with a stable outlook.

Fitch said the rating balances strong economic growth supported by the country's ambitious industrialization strategy against the attendant macroeconomic imbalances illustrated by a wide current account deficit (CAD), thin external buffers and investment-related build-up of public sector debt.

Low development and governance indicators are key constraints for the ratings, the agency noted.

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