Moody's rates Namibia Baa3

Moody's Investors Service said it assigned first-time local- and foreign-currency issuer ratings of Baa3 to the government of Namibia.

The outlook is stable.

Moody's also said it assigned Namibia's long-term country ceiling for foreign-currency debt at A3.

The foreign-currency debt ceiling represents the highest rating that could generally be assigned to any debt issuer domiciled in Namibia that would issue bonds in the global capital markets, the agency said.

Namibia's country ceiling for foreign-currency banks deposits is set at Baa3, equivalent to the government's issuer ratings.

Moody's also assigned A1 country ceilings for local-currency debt and deposits to Namibia.

The ratings reflect the government's track record of responsible budget management and maintenance of low public debt, Moody's said, as well as an investor-friendly policy framework, balanced against structural legacy challenges posed by wide income disparities, high unemployment and dependence upon the mining sector for foreign-exchange earnings.

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