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Global rating agency Fitch on Thursday downgraded Ethiopia further into junk territory, citing the country defaulted on a payment under Ethiopia’s single outstanding $1 billion Eurobond which is due to mature next year, Reuters said.
Fitch, which does not assign outlooks to sovereigns with a rating of “CCC+” or below, cut its view on Ethiopia to “C” from “CC” after downgrading Africa’s second most populous country to “CC” last month. – zawya.com
