Ratings agency, Fitch, has upgraded Ghana’s Long-Term Local Currency Issuer Default Rating (IDR) to ‘CCC’ from ‘RD’.
The UK-based firm has also affirmed Ghana’s Long-Term Foreign-Currency IDR at ‘RD’ and the Country Ceiling at ‘B-‘.
Fitch assigned ‘CCC’ ratings to two interest-only bonds issued on completion of pension funds holdings of the Domestic Debt Exchange.
It again assigned ‘CCC’ ratings to four domestic US dollar-denominated bonds issued on September 4, 2023.2023.
The upgrade of Ghana’s Long-Term Local-Currency IDR, it said, follows the completion of the Domestic Debt Exchange Programme.
“Fitch considers that as a result of a series of domestic debt exchanges, Ghana has normalised relations with a significant majority of local currency creditors, with a participation rate of 92% on local-currency government bonds (with similarly participation for Cocoa bills and locally issued foreign-currency bonds). Some non-participating bondholders are domestic individual bondholders, for which the authorities have publicly stated being current on the payments following a memorandum of understanding signed in May 2023”, it said.
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