Moody’s cuts Ecobank

Moody's Investors Service said it downgraded Ecobank Transnational Inc.’s long-term issuer rating and senior unsecured bond rating to B3 from B2, and maintained the negative outlook.

The agency said the downgrades reflect Ecobank Transnational's significantly higher double leverage, a situation where investments in subsidiaries are funded by parent company debt, and has led Moody's to introduce one further downward notch to Ecobank Transnational’s issuer and senior unsecured obligations.

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