Fitch Ratings has downgraded Ethiopia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘RD’ (Restricted Default) from ‘C’. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below.
Fitch has also downgraded the issue rating of the country’s single outstanding USD1 billion Eurobond to ‘D’ from ‘C’.
