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S&P lowers Mozambique sovereign credit rating to B from B+
February 14, 2014 / 5:52 AM / in 4 years

S&P lowers Mozambique sovereign credit rating to B from B+

SYDNEY, Feb 14 (Reuters) - Standard and Poor’s Ratings Services lowered Mozambique’s long-term foreign and local currency sovereign credit rating to B from B+ on Friday, with a stable outlook.

The ratings agency said the downgrade reflects Mozambique’s higher fiscal deficits and faster debt accumulation compared with S&P’s expectations.

“Mozambique’s external commercial borrowing increased in 2013,” S&P said in a statement.

“We now estimate the average change in general government debt will be a high of 8.8 percent of GDP over 2014-2017, compared with 4 percent over 2010-2013.”

Reporting by Thuy Ong; Editing by Kim Coghill

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