Fitch downgrades Ethiopia’s rating over default fears
Fitch Ratings has downgraded Ethiopia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘B’ to ‘CCC’, signaling there is a real possibility of default on debt owed to private creditors. The new rating portrays the worsening of the country’s ability to meet its debt obligations.
This comes almost a week after Ethiopia’s Ministry of Finance announced it is looking to make use of the G20 “Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI)” (G20 CF), which Fitch says is still an untested mechanism that explicitly raises the risk of a default event.
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