Moody's cuts Ghana's sovereign rating

June 27 Fri Jun 27, 2014 1:00pm EDT

June 27 (Reuters) - Moody's Investors Service downgraded Ghana's sovereign rating to "B2" from "B1", citing the African country's rising debt burden and deteriorating debt affordability.

"The rating agency expects public debt to exceed 65 percent of GDP by the end of 2015 from 55.7 percent in 2013, mirrored by rising interest expenses relative to government revenues," Moody's said. (bit.ly/1pWYdJh)

Moody's changed the country's foreign-currency bond ceiling to "Ba3" from "Ba2" and the foreign-currency deposit ceiling to "B3" from "B2".

The rating services maintained its negative outlook on the rating. (Reporting By Kanika Sikka in Bangalore; Editing by Don Sebastian)