{"id":10000,"date":"2021-09-24T11:30:00","date_gmt":"2021-09-24T11:30:00","guid":{"rendered":"https:\/\/www.axumawian.com\/?p=10000"},"modified":"2021-09-24T11:30:00","modified_gmt":"2021-09-24T11:30:00","slug":"sp-pushes-ethiopias-ratings-into-junk-territory-on-delayed-debt-restructuring","status":"publish","type":"post","link":"https:\/\/axumawian.com\/?p=10000","title":{"rendered":"S&#038;P pushes Ethiopia&#8217;s ratings into junk territory on delayed debt restructuring"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Source: <strong><a href=\"https:\/\/www.reuters.com\/article\/ethiopia-ratings-s-p-idUSKBN2GK1ZA\" target=\"_blank\" rel=\"noreferrer noopener\">Reuters<\/a><\/strong><\/p>\n\n\n<p class=\"wp-block-paragraph\">September 24, 2021<\/p>\n\n\n<p class=\"wp-block-paragraph\">Ratings agency S&amp;P Global cut Ethiopia\u2019s sovereign rating to \u2018CCC+\u2019 from \u2018B-\u2019 on Friday, citing heightened political instability and delays to debt restructuring.<\/p>\n\n\n<p class=\"wp-block-paragraph\">War broke out 10 months ago between Ethiopia\u2019s federal troops and forces loyal to the Tigray People\u2019s Liberation Front, which controls Tigray, and spread into the neighboring regions of Amhara and Afar in July. Fighting in those two regions has displaced hundreds of thousands of people and made about 1.7 million dependent on food aid.<\/p>\n\n\n<p class=\"wp-block-paragraph\">&#8220;The escalation of the Tigray conflict, which broke out in November 2020, threatens the government&#8217;s transformative reform agenda,&#8221; S&amp;P said in its statement. (<a href=\"https:\/\/bit.ly\/3CMPkvh\">bit.ly\/3CMPkvh<\/a>)<\/p>\n\n\n<p class=\"wp-block-paragraph\">Last week, the Ethiopian government requested a new extended credit facility from the International Monetary Fund to replace an expired component of an existing lending program.<\/p>\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, Ethiopia\u2019s creditors\u2019 committee held its first meeting on Sept. 16 in a bid to restructure its debts under the joint G20\u2019s common framework and help create stable economic fundamentals.<\/p>\n\n\n<p class=\"wp-block-paragraph\">S&amp;P expects the country\u2019s domestic markets to play an increasingly dominant role in financing Ethiopia\u2019s budget deficit over the agency\u2019s forecast through 2024.<\/p>\n\n\n<p class=\"wp-block-paragraph\">The agency maintained its outlook for Ethiopia at negative, which reflects potential inclusion of commercial creditors in debt restructuring plans and increasing pressures on availability of external funding.<\/p>\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n<p class=\"wp-block-paragraph\"><em>Reporting by Bhanvi Satija in Bengaluru; Editing by Krishna Chandra Eluri<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Reuters September 24, 2021 Ratings agency S&amp;P Global cut Ethiopia\u2019s sovereign rating to \u2018CCC+\u2019 from \u2018B-\u2019 on<\/p>\n","protected":false},"author":1,"featured_media":10001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[32,66],"class_list":["post-10000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-english","tag-reuters"],"featured_image_urls":{"full":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1.jpg",2560,1682,false],"thumbnail":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1-150x150.jpg",150,150,true],"medium":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1.jpg",300,197,false],"medium_large":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1.jpg",640,421,false],"large":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1.jpg",640,421,false],"1536x1536":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1-1536x1009.jpg",1536,1009,true],"2048x2048":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1-2048x1346.jpg",2048,1346,true],"morenews-large":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1.jpg",825,542,false],"morenews-medium":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1.jpg",590,388,false],"woocommerce_thumbnail":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1-300x300.jpg",300,300,true],"woocommerce_single":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1.jpg",600,394,false],"woocommerce_gallery_thumbnail":["https:\/\/axumawian.com\/wp-content\/uploads\/2021\/09\/88-scaled-1-100x100.jpg",100,100,true]},"author_info":{"info":["Axumawian Media"]},"category_info":"<a href=\"https:\/\/axumawian.com\/?cat=4\" rel=\"category\">News<\/a>","tag_info":"News","comment_count":"0","_links":{"self":[{"href":"https:\/\/axumawian.com\/index.php?rest_route=\/wp\/v2\/posts\/10000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/axumawian.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/axumawian.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/axumawian.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/axumawian.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10000"}],"version-history":[{"count":0,"href":"https:\/\/axumawian.com\/index.php?rest_route=\/wp\/v2\/posts\/10000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/axumawian.com\/index.php?rest_route=\/wp\/v2\/media\/10001"}],"wp:attachment":[{"href":"https:\/\/axumawian.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/axumawian.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/axumawian.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}