S&P affirms Mozambique

Standard & Poor's said it affirmed the Republic of Mozambique's B long-term and short-term foreign and local currency sovereign credit ratings and the country's B local currency senior unsecured debt rating.

The outlook is positive.

The ratings are constrained by large fiscal imbalances, the country's low economic development levels and weak, although improving, external liquidity, the agency said.

The ratings are supported by the government's commitment to deepening the reform agenda, reflected in strong donor support and by prospects for robust and sustained export-led economic growth.

The general government debt-to-GDP ratio is forecast to be 90% in 2005, down from 170% in 2001, reflecting debt relief under the Heavily Indebted Poor Countries initiative since Mozambique reached completion point in 2001.

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