S&P lowers Mozambique ratings outlook to negative
SYDNEY Aug 16 (Reuters) - Standard & Poor's on Friday said it had lowered the ratings outlook on Mozambique to negative from stable, citing revisions to data that showed the country had a much higher current account deficit than previously thought.
The agency said it had affirmed the country's B+ long-term and B short-term foreign and local currency ratings, but could cut it in the future.
"The negative outlook reflects the possibility that we could downgrade Mozambique within the next year if progress on big investment projects slows, if projects seem less likely to generate the growth needed to narrow external and fiscal deficits, or if there is a material increase in public sector external commercial debt," said S&P. (Reporting by Wayne Cole; Editing by Shri Navaratnam)
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