S&P: Mozambique view negative

Standard & Poor's said it revised its outlook on the Republic of Mozambique to negative from stable.

At the same time, S&P affirmed the republic's B+ long-term and B short-term foreign and local currency sovereign credit ratings.

The transfer and convertibility assessment on Mozambique remains at B+.

S&P said the ratings are constrained by Mozambique's very low level of development, structural external and fiscal deficits, and heavy reliance on aid and cross-border investment for economic growth, fiscal revenues and balance of payments needs.

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