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Moody's revises outlook on Ghana

Moody's on Sept. 23 affirmed Ghana's B3 issuer and seniorunsecured rating and revised the outlook to stable from negative.

The agency said the ratings actions reflect a significantfiscal deficit reduction and institutional reform implemented by the governmentover the past year under the umbrella of a three-year IMF program launched inApril 2015. The agency also noted reduced government liquidity risk after therecent issuance of a $750 million eurobond in September, proceeds of which areto be used to redeem the remaining $400 million eurobond due to mature inOctober 2017.

Meanwhile, the ratings actions take into account improvedbalance of payments dynamics amid continued development of oil and gasresources.

"The stable outlook on the B3 rating balances theseimprovements against Ghana's continuing credit challenges and vulnerabilities,including a high debt burden, very low debt affordability, elevated fundingrequirements and challenging medium-term international bond maturityprofile," Moody's said.

Ghana's B1 foreign-currency bond ceiling, its Caa1foreign-currency deposit ceiling and its Ba3 local-currency bond and depositceilings remain unchanged.