The rating is in line with Ghana’s ‘B+’ Long-term foreign currency Issuer Default Rating, on which the Outlook is Negative, Fitch said in an email July 26, 2013.
Fitch on February 15, 2013 revised Ghana’s Outlook to Negative, affirming it ‘B+’. It was to reflect the country’s worsening trend in public finances. During 2012 Ghana’s fiscal deficit widened to 12.1% of GDP in the run up to the December election, the ratings agency said.
Ratings agency, Moody’s also rated the ten-year bond ‘B 1’.
This second sovereign Eurobond was issued last week with a coupon of 7.875%.
By Ekow Quandzie