Moody’s moves Namibia view to positive

Moody's Ratings said it changed the outlook on the government of Namibia to positive from stable and affirmed the B1 long-term foreign- and local-currency issuer and senior unsecured ratings.

“The positive outlook reflects Namibia's improved growth prospects supported not only by cyclical factors like higher commodity prices in a post-pandemic environment and renewed investments in the traditional mining industries but by the prospect of significant new hydrocarbon and renewable energy resource developments over the remainder of this decade that could prove transformational for the economy,” Moody’s said in a press release.

However, at this time it is too soon to tell.

“Moody's will assess the extent to which the expansion in new natural resource projects, supported by the adoption of a balanced resource management framework, is likely to bolster growth in other sectors while helping sustain primary budget surpluses and support a continued decline in debt/GDP,” the agency said.

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