Sept 15 (Reuters) – Moody’s on Friday downgraded Ethiopia’s foreign currency rating by a notch to ‘Caa3’ from ‘Caa2’, citing a high likelihood of default on foreign currency-denominated private sector debt.
“Ethiopia’s external profile has deteriorated to very weak levels over the last two years against the backdrop of multiple shocks, including the pandemic and the war in Tigray”, the credit ratings agency said in a statement on Friday.
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