Welcome to Zitamar’s daily Mozambique briefing for 17 January, 2019. Agenda:
- Today: Last day of Renamo Congress in Gorongosa
- Tomorrow: Manuel Chang hearing continues in Pretoria, South Africa
Credit rating agency Moody's today said Mozambique’s default on three government-guaranteed loans for maritime security firms “will result in sizeable losses for private creditors”, which could be exacerbated by the government’s attempts to please the [...]
Global credit rating agency Fitch has declared Mozambique to be in default, following the government’s formal confirmation that it missed a payment of around $175.5 million on a guaranteed loan in May 2016.
Mozambique’s ministry of economy and finance has hired investment bank Lazard and international law firm White & Case to advise on the country’s foreign debt crisis, having decided not to retain one noted expert previously linked with the job. The Mozambique government provided state [...]
Credit rating agency Moody’s has downgraded Mozambique to Caa3 on fears that more defaults could follow the restructuring of the EMATUM notes earlier this year, and the missed payment on another government guaranteed loan in May 2016.
Fitch, the world’s third largest credit ratings agency, has become the first to incorporate revelations over state debt guarantees to ProIndicus and Mozambique Asset Management (MAM) into its rating of Mozambique’s default risk, saying the newly disclosed [...]
A chaotic day for Mozambique’s economy yesterday saw the IMF suspend co-operation with the country over $1 billion in previously undisclosed borrowing, and ended with a $3 billion discrepancy between the finance minister and his spokesman’s estimates of [...]
Credit ratings agency Standard & Poor’s has said that Mozambique’s deal to extend the maturity of of almost $700 million in government-guaranteed bonds by three years counts as a government default. The deal [...]
Credit rating agencies Standard & Poor’s and Moody’s yesterday downgraded Mozambique’s sovereign rating to CC on the expectation that the government’s attempt to restructure the outstanding $700 million of the controversial EMATUM debt will count as a [...]