Fitch cuts Gabon outlook to negative

Fitch Ratings said it has revised the outlook on Gabon's long-term foreign and local currency issuer default ratings to negative from stable and affirmed the issuer default ratings at BB-.

The issue ratings on the Gabon's senior unsecured foreign and local currency bonds have also been affirmed at BB-, the agency noted.

Fitch said it has affirmed Gabon's short-term issuer default rating at B and its Country Ceiling at BBB-, in line with the country ceiling for Communaute Economique et Monetaire d’Afrique Centrale.

The revision of the outlook reflects declines in Gabon's oil production, which makes the sovereign more sensitive to oil price shocks, the agency stated.

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