Fitch Affirms Ethiopia at 'B'; Outlook Stable
(The following statement was released by the rating agency) PARIS/LONDON, November 07 (Fitch) Fitch Ratings has affirmed Ethiopia's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B'. The Outlooks on the Long-term IDRs are Stable. The Country Ceiling and the Short-term foreign currency IDR are both affirmed at 'B'. KEY RATING DRIVERS Ethiopia's 'B' IDRs reflect the following key rating drivers:- -Ethiopia is vulnerable to shocks even compared with 'B' rated peers despite strong improvements in its World Bank governance indicators and development indicators over the past decade. This is balanced by strong economic performance and improved public and external debt ratios since debt relief under HIPC in 2005-2007. -Macroeconomic performance is broadly in line with rated peers. The public sector-led development strategy implemented over the past decade, focusing on heavy investments in infrastructure, has sustained strong real