Fitch Ratings, the global credit rating agency, has downgraded Ethiopia’s Long-Term Foreign Currency (LTFC) Issuer Default Rating (IDR). The downgrade also affects the rating of Ethiopia’s sole outstanding Eurobond, which has been lowered to ‘C’ from ‘CC’.

According to Africa News Agency, Fitch noted that it generally does not assign outlooks to sovereign ratings that are ‘CCC+’ or lower. This adjustment reflects a significant shift in the agency’s assessment of Ethiopia’s creditworthiness.