Moody's "downgraded Namibia's......>

EMERGING MARKETS: Moody's "downgraded Namibia's long-term senior unsecured bond

and issuer ratings to Ba1 from Baa3" and maintained "negative outlk:" 

- It said "key factors for downgrading the rating are:"

- 1. "Erosion of Namibia's fiscal strength due to sizeable fiscal imbalances and

an increasing debt burden"

- 2. "Limited institutional capacity to manage shocks and address long-term

structural fiscal rigidities;"

- 3. "Risk of renewed government liquidity pressures in the coming years;"

- Moody's said "despite the weakening of its creditworthiness, the country's key

credit metrics in the economic, fiscal and external spheres are currently well

aligned with those of Ba1-rated peers. The rating is also supported by the

country's strong growth prospects in the coming years. However, the maintenance

of the negative outlook following the downgrade of the rating to Ba1 reflects

the risk that the erosion in key fiscal and debt metrics could be more

pronounced than currently anticipated, giving rise to significant funding

challenges."