Ethiopia bonds tumble after further downgrade as Africa debt relief still in question

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Ethiopia has been hit with one other downgrade by Moody’s, as an absence of readability over its request to make use of the G20 Frequent Framework for debt restructuring clouds its market prospects. The outlook for sub-Saharan African financing stays rocky, as criticisms linger over the funding on provide.

Moody’s downgraded Ethiopia from B2 to Caa1 on Monday night.

Ethiopia’s bonds due 2024 dropped greater than a
level on the open on Tuesday, with some quotes beneath 95, in response to knowledge from
MarketAxess.

Moody’s attributed the downgrade to the elevated
probability of its non-public sector collectors sustaining important losses following its request

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