Ratings agency Fitch has downgraded Angola’s long-term foreign currency issuer with no outlook assigned. The ratings agency sited that the large increase in government debt and reduced external financing as reasons for the downgrade. Angola is among the many African countries that are faced are with a great deal of fear due to the large sums of debt that will be harder to commit to amid the COVID-19 crisis. Ridle Markus, Africa Strategist, Absa Corporate and Investment Banking joins CNBC Africa for more.
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