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Financial News: Fitch Maintains Namibia's Rating At 'BBB-'

Fitch Maintains Namibia's Rating At 'BBB-'

06/19/2017 - 06:37:00 (RTTNews)

(RTTNews) - Fitch Ratings maintained the sovereign ratings of Namibia with 'negative' outlook on Monday.

Namibia's 'BBB-' rating reflects the economy's strong growth potential and record of political stability, balanced by high fiscal and external deficits, the agency said.

The 'negative' outlook indicates uncertainties about the growth outlook and the ability of the government to reverse the rise in debt.

The economy narrowly avoided a contraction in 2016. Fitch forecasts a recovery in growth in 2017, to 2.0 percent, notwithstanding slow growth in neighboring South Africa.

Over the medium term, Fitch expects growth to return to around 5 percent or higher.

The rating agency forecasts Namibia's inflation to drop to 6 percent by end-2017. The Bank of Namibia is expected to hold the policy rate at its current level through the year to support the currency peg to the South African rand.

Fitch said Namibia's track record of political stability and governance indicators are slightly higher than peers.

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