Tag: Fitch Ratings

Nigerian insurers race towards recapitalisation ahead of 2021 deadline

Fitch Ratings describes the move to recapitalise Nigeria’s insurance sector as a credit positive for the industry. As Insurance firms race towards the 2021 recapitalisation deadline, Emmanuel Odiaka, Managing Director & CEO of ECOB Capital joins CNBC Africa to look at how these firms can tap into the stock market to meet their recapitalisation targets.

COVID-19: Is another downgrade on the cards for SA banks?

Many South African banks will be reporting their financial results in the coming days. As expected, COVID-19 has brought on a financial crunch for banks that were already downgraded in March, by Fitch Ratings. Mahin Dissanayake, Senior Director at Fitch Ratings joins CNBC Africa to give insight into the position that banks are in and the South African Reserve Bank’s response to COVID-19.

South Africa’s failure to lower debt could trigger downgrade – Fitch

JOHANNESBURG (Reuters) - A failure by South Africa to lower public debt risks triggering credit downgrades deeper into subinvestment, Fitch said on Wednesday.Debt in Africa’s most industrialized economy is set...

South Africa has bad record on keeping budget promises: Fitch

JOHANNESBURG (Reuters) - South Africa has a poor track record of implementing debt and spending reductions plans, ratings firm Fitch said on Tuesday, adding that consolidation plans announced in last...

Fitch expresses doubt over SA’s debt consolidation plans

Just last week finance minister Tito Mboweni outlined the emergency budget to nurse South Africa through the Covid-19 crisis. A big part of this budget was a plan for South Africa to get its debt under control within four years. Fitch Ratings, the agency that downgraded South Africa in April doubts whether South Africa can do this. CNBC Africa’s Chris Bishop spoke to Jan Friederich, Senior Director of Fitch Ratings for more.

Nigeria’s rating at risk as debt, financing gap rise-Fitch

ABUJA/LAGOS (Reuters) - A sharp rise in Nigeria’s sovereign debt and a ballooning financing gap could trigger a rating downgrade as policymakers in Africa’s biggest economy struggle to deal with...

Development bank of Rwanda earns B+ Fitch Ratings

Fitch Ratings has for the first time rated Development Bank of Rwanda at B+, reflecting the bank’s stable outlook. The rating also demonstrates BRD’s ability to raise external financing in case of need. Vincent Ngirikiringo, the bank's Chief Finance Officer joined CNBC Africa and shared an update on the 3 year $24.42 million recapitalisation plan by the government.

Fitch: Nigerian banks at severe risk from oil price slump & COVID-19

Fitch Ratings say the credit profiles of Nigerian banks faces severe risks from the slump in oil prices and a disruption in the operating environment due to the coronavirus pandemic. Fitch noted that the weighted -average cost of risk for Nigerian banks its rates rose by 200 basis points during the 2015 oil price shocking they do not rule out a similar increase this year. Mahin Dissanayake, Senior Director at Fitch Ratings joins joins CNBC Africa for more.