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Moody's downgrades Mozambique
Moody's Investors Service said it downgraded Mozambique's government issuer rating to B2 from B1, foreign-currency bond ceiling to B1 from Ba3 and local-currency bond ceiling to Ba3 from Ba2 and changed the outlook to negative.
The agency said the key driver for the downgrade is the underperformance of Mozambique’s fiscal and debt metrics vis-a-vis peers, which is expected to continue over the medium term.
The negative outlook reflects uncertainties over the government's strategy for covering its increasing external debt payments in foreign currency, Moody’s said.
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