Fitch cuts Ethiopia's foreign currency rating after downgradeCredit ratings agency Fitch lowered its rating on Ethiopia's long-term foreign-currency debt on Wednesday after the east African country failed to pay a coupon on its single outstanding $1 billion Eurobond.
Fitch cut Ethiopia's long-term foreign-currency issuer default rating to "RD" from "C", and had earlier this month downgraded its rating on Africa's second-most populous country to "C" from "CC", citing an increased likelihood of default.
Peer S&P also downgraded Ethiopia's long- and short-term foreign currency sovereign ratings this month.
