Fitch Ratings News

Africa's Liquid Telecom raises $700m in bond and term-loan issue

Africa's Liquid Telecom raises $700m in bond and term-loan issue

Liquid Telecom, an unlisted pan-African telecoms group, has raised $700m in a bond and term-loan issue that will help it refinance debt and provide a war chest for further acquisitions.

Jacob Zuma, President of South Africa

South Africa falls into second recession in a decade

South Africa has fallen into recession for the first time in eight years after economic growth shrank by 0.7% between January and March.

Fitch downgrades South Africa's credit rating to junk status

Fitch downgrades South Africa's credit rating to "junk" status

Ratings agency Fitch downgraded South Africa’s credit rating to sub-investment grade on Friday.

President Jacob Zuma is coming under increasing pressure to step down

South Africa unions to Zuma: Time to go

South Africa’s powerful trades union federation Cosatu has called for President Jacob Zuma to step down.

Mustafa Chike-Obi, CEO, Asset Management Corporation of Nigeria (AMCON)

Nigeria’s president replaces "bad bank" AMCON CEO Mustafa Chike-Obi with Ahmed Lawan Kuru

Nigeria’s President Muhammadu Buhari has replaced the CEO of the government-owned “bad bank” set up to resolve a financial crisis five years ago. This is Buhari’s second change of leadership of a key state company in a month.

South Africa's Naspers returns to bond market to fund emerging markets internet acquisitions

South Africa's Naspers returns to bond market to fund emerging markets internet acquisitions

Naspers Ltd. sold bonds for the first time in almost two years to fund emerging-market Internet acquisitions, a strategy that’s transformed the media group into Africa’s biggest publicly traded company by market value.

Lagos Internal Revenue Service Chairman Tunde Fowler. Source: Lagos Internal Revenue Service via Bloomberg

Lagos Tax Agents Turn Death Threats Into Praise as Oil Drops

Tunde Fowler used to get death threats when he began collecting levies in Nigeria’s commercial hub of Lagos 10 years ago. Today he gets hailed as Tax Muyiwa, a nickname that means “bring your tax” in the local Yoruba language.

Standard & Poor's (S&P)

Rising debt levels at odds with Africa's growth narrative: S&P

Africa is often talked about as a region on the rise, but that narrative is complicated by a trend towards fast rising sovereign debt and deficits, according to ratings agency Standard & Poor’s (S&P).

Republic of Congo Infrastructure Project

Congo Republic Raising $1.5 Billion in Credit-Linked Notes to Fund Infrastructure Projects

Republic of Congo plans to sell as much as $1.5 billion of credit-linked notes to fund infrastructure projects in the central African country.

Christine Lagarde, Managing Director (MD), International Monetary Fund (IMF)

Christine Lagarde Expresses Concern That Africa's Sovereign Debt Is Rising

Some African countries have issued too much debt and possible added monetary stimulus in Europe that may boost demand for emerging-market assets could further increase the burden, the International Monetary Fund said.

Paul Kagame

Paul Kagame’s Singapore of Africa Economy Rewards Debt: Africa Credit

Fourteen years of Rwanda rule by Paul Kagame, whose forces ended the 1994 genocide that killed at least 800,000 people, is rewarding bond investors with record low yields amid the fastest economic growth in East Africa.