Fitch reviews Mozambique

Fitch Ratings said it placed Mozambique's long-term foreign and local currency and short-term issuer default ratings of B on Rating Watch Negative.

The country ceiling was affirmed at B.

Under EU credit rating agency (CRA) regulation, the publication of sovereign reviews is subject to restrictions and must take place according to a published schedule, except where it is necessary for CRAs to deviate from this in order to comply with their legal obligations.

Fitch interprets this provision as allowing us to publish a rating review in situations where there is a material change in the creditworthiness of the issuer that Fitch believes makes it inappropriate for it to wait until the next scheduled review date to update the rating or outlook/watch status.

The next scheduled review date for the agency’s sovereign rating on Mozambique is April 29, but it believes that developments in Mozambique warrant such a deviation from the calendar.

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