After S&P, Moody’s also delivers Togo’s first ratings

Finance
Monday, 15 July 2019 15:59
After S&P, Moody’s also delivers Togo’s first ratings

(Togo First) - Moody’s, just after S&P, delivered its first ratings for Togo. The ratings agency indeed gave the country a B3 rating with stable outlook, while S&P gave it a B rating.

The ratings come as Togo plans this quarter to issue a Eurobond seeking €500 million. The move was comforted by successful Eurobonds issued recently by some neighboring nations.

Monies raised through the Eurobond will be used to refinance short-debt internal debt.

According to the IMF which greenlit the operation, it should not prevent Togo from meeting WAEMU’s convergence criteria by 2020. Public debt should fall below 70% by the same year. Last March, let’s recall, it fell below 67%.

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