January 17, 2014 / 6:12 AM / 4 years ago

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

SYDNEY, Jan 17 (Reuters) - Credit ratings agency Standard & Poor's on Friday downgraded Uganda's sovereign credit rating to B from B+, with a stable outlook.

S&P also affirmed its 'B' short-term and local currency sovereign credit ratings.

The downgrade reflects S&P's view that Uganda's fiscal position has weakened relative to previous forecasts.

"We now forecast a higher fiscal deficit of 6.9 percent in the 2013-2014 fiscal year. Revenue increases have been lower than we expected, donors have suspended general budget support, and expenditure is rising," S&P said in a statement.

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