Fitch upgrades Namibia

Fitch Ratings said it upgraded the national scale ratings on Namibia to AA+(zaf) from AA-(zaf) and its senior unsecured bonds to AA+(zaf) from AA-(zaf).

The outlook is stable.

The agency affirmed Namibia's long-term foreign and local currency issuer default ratings at BBB- and BBB, respectively, with stable outlooks on Nov. 13.

The upgrade follows the recalibration of the South African National rating scale following Fitch's Dec. 4 downgrade of South Africa's long-term local currency issuer default rating to BBB from BBB+.

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