Fitch is worried about ratings in Africa

Credit rating agency Fitch said yesterday that the number of Sub-Saharan countries likely to see their ratings downgraded is higher than the number of countries with a positive credit outlook.

"As we enter 2019, the negative outlook in Latin America, the Middle East and Africa is more significant than the number of countries with a positive outlook, whereas the reverse is true in emerging European markets, suggesting that the rating pattern this year will be similar to last year's," says a note released by rating agency Fitch yesterday.

Titled 'The Coming Storm', the note argues that "credit risk in many sectors is growing with the cyclical deterioration of credit conditions and with global debt reaching unprecedented levels."

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