Fitch affirms Mozambique

Fitch Ratings said it affirmed the Republic of Mozambique's foreign- and local-currency issuer default ratings at B and B+ respectively, along with its short-term foreign-currency rating at B. The country ceiling is affirmed at B.

The outlook is stable.

Mozambique's ratings are supported by high economic and export growth rates and the decline in the debt burden due to the Multi-lateral Debt Relief Initiative in 2006, Fitch said.

The country has been more successful in diversifying its export base than many of its regional rated peers. This is helping the country to better absorb external shocks, such as higher oil prices, a recent cyclone and floods, the agency said.

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