THRNI - Notification of a Change to the Credit Ratings of the Issuer
THRNI - Notification of a Change to the Credit Ratings of the Issuer:
The Republic of Namibia
(Incorporated in the Republic of Namibia)
(Registration No. 1929/001225/06)
Company code: THRNI
("Namibia" or "the Issuer")
NOTIFICATION OF A CHANGE TO THE CREDIT RATINGS OF THE ISSUER
Bondholders are advised that the credit ratings assigned to the Issuer and its notes by Fitch Ratings
("Fitch") and Moody's Investors Service ("Moody's") were downgraded on 1 October 2019 and 6
December 2019 respectively, as further detailed below:
Rating Agency Type of Rating From To
Fitch Ratings Long-Term Foreign-Currency Issuer Default Rating BB+ BB
Long-Term Local-Currency Issuer Default Rating BB+ BB
Country Ceiling BBB- BB+
Long-term senior unsecured foreign-currency bonds BB+ BB
Long-term senior unsecured local-currency bonds BB+ BB
National Long-Term Rating (South African Scale) AA+(zaf) AA-(zaf)
National Rating on Namibian bonds AA+(zaf) AA-(zaf)
Moody's Investors Long-term local currency bond and bank deposit Baa1 A2
Service ceilings
Long-term foreign currency bank deposit ceiling Ba3 Ba2
Long-term foreign-currency bond ceiling Baa3 Baa2
Long term issuer rating Ba1 Ba2
Senior unsecured rating Ba1 Ba2
The outlook has been accorded as Stable by Fitch and by Moody's.
The rationale for the downgrade of the above-mentioned ratings by Fitch is due to Namibia's weak
growth performance and Fitch's downward assessment of growth prospects, which has adverse
implications for Namibia's ability to stabilize the public debt trajectory. Similarly, Moody's
downgraded Namibia based on increasing government debt despite fiscal consolidation, coupled with
weaker medium-term growth prospects.
10 December 2019
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 10-12-2019 01:30:00
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