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Financial Rating: Fitch places Gabon's 'B-'IDR under negative surveillance

07/09/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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On September 5, the rating agency Fitch Ratings placed the default ratings of Gabon's long-term “B-” issuers in foreign currency and local currency (IDR) under negative surveillance (RWN).

The RWN reflects the great political uncertainty in Gabon following the military coup of August 30, 2023. While the Gabonese electoral commission declared that President Ali Bongo Ondimba style="font-family: "Bookman Old Style”, “serif""> had been re-elected for a third term, the military officers suspended the constitution and cancelled the election. The putschists formed a Committee for the Transition and Restoration of Institutions (CTRI) and its leader, General Brice Oligui Nguema, was sworn in on 4 September as president of the transition. Short-term “B” IDRs in foreign currencies and local currency and the “B-” issue ratings on Gabon's long-term unsecured senior foreign currency bonds were also placed on RWN

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