Moody’s moves Ecobank view to negative

Moody’s said it revised its outlook for Ecobank Transnational Inc. to negative from stable and affirmed its B3 ratings.

“The change in outlook to negative on the long-term issuer and senior unsecured debt ratings captures the weaker sovereign creditworthiness, deteriorating macroeconomic environment and increasingly uncertain operating environment in Ghana and Nigeria, two of the major jurisdictions where ETI operates,” Moody’s said in a statement.

Moody's recently downgraded the government issuer ratings of these two countries to Ca from Caa2 for the government of Ghana and to Caa1 from B3 for the government of Nigeria.

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