Uganda’s credit worthiness falls
The latest report by risk management, analytics, and credit ratings firm Moody’s, has lowered Uganda’s ability to repay debt, or what is known as a downgrade of the government’s long-term foreign currency and local currency issuer ratings to B3 from B2, and changed the outlook to stable from negative. This is the first time the country has gotten such a rating since 2015, when Uganda rated B1, the development financial analysts have termed bad news that could boil down to a sovereign debt crisis and calls for tight discipline going forward. The Ministry of Finance PPP department says the ratings may be negative and called it a perception issue but admits it could push investors to hold their positions.
