Fitch affirms Namibia BBB- investment grade rating

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Fitch Ratings has today affirmed Namibia’s Long-Term Foreign- and Local-Currency Issuer Default Ratings at ‘BBB-‘ with a Negative Outlook. In a statement issued today Fitch Rating says: “The ‘BBB-‘ rating reflects Namibia’s strong growth potential and record of political stability, balanced by high fiscal and external deficits.”

“The Namibian authorities have committed to a significant front-loaded adjustment that will likely narrow the fiscal deficit in the coming two years,” the agency further noted.

Local research analyst Ngoni Bopoto commented that the Fitch’s affirmation “portrays confidence in GRN’s fiscal consolidation agenda and to a certain extent Namibia’s sovereignty as the issue of contagion from South Africa does not receive noteworthy mention. This is consistent with our expectations.”

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